Almost 200,000 current accounts were switched between January and March 2022 - and Tesco Bank saw the most net switching losses.
According to the latest switch data from Pay.UK, Santander had the highest net switching gains (36,494), followed by Nationwide (33,691) and Starling Bank (10,364).
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The firm overseeing the Current Account Switch Service (CASS) also reported that Monzo (3,068) and Triodos (642) were in fourth and fifth place.
Tesco Bank saw the most net switching losses (-20,278) after it closed all its current accounts in November 2021.
This was followed by HSBC (-14,875) in second-to-last place, then TSB (-13,911), Barclays (-11,669) and Virgin Money (-8,367).
The top reasons customers gave for preferring their new current accounts included better online banking facilities (53%), mobile banking/banking app ease (42%), customer service (40%) and location of branches (22%).
Best and worst banks for current account switches - January to March 2022
- Santander - 36,494
- Nationwide: 33,691
- Starling Bank: 10,364
- Monzo: 3,068
- Triodos: 642
- Danske: 98
- Ulster: -133
- Bank of Scotland: -140
- Halifax: -342
- Bank of Ireland: -562
- RBS: -1,435
- NatWest: -1,804
- AIB Group: -2,181
- Lloyds Bank: -2,677
Co-Operative: -4,235
Virgin Money: -8,367
Barclays: -11,669
TSB: -13,911
- HSBC: -14,875
Tesco Bank: -20,278
David Piper, head of service lines at Pay.UK, owner and operator of the CASS, said: “We have seen positive levels of engagement and satisfaction with the Current Account Switch Service at the start of this year, with a higher number of switches taking place compared to this quarter in 2021, when pandemic disruption was more front of mind for many.
“Of course, with cost-of-living rises continuing to put pressure on many households it’s more important than ever that people assess whether their existing current account is best suited to their needs.
“It may be that an alternative provider could offer something preferable and we would encourage those considering a switch to remember that the Current Account Switch Service is free to use, easy and guaranteed.”
