3 months ago
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THE most popular high street banks have been revealed with Nationwide, Lloyds and NatWest all making it into the top three.
The banks have seen their customer numbers grow by more than others on the high street, after offering incentives including generous cash payments.
The most popular banks for those switching have been revealedAlamy
Nationwide topped the leader board for the period from October 1 2024 to December 31 2024, having attracted a net total of 51,254 customers.
It was closely followed by Lloyds which gained 50,061 customers, according to data from the Current Account Switch Service (CASS)
NatWest took the third spot and saw customer numbers grow by 7,279 while the Co-operative Bank came in fourth after attracting 3,812 more customers during the period.
In the three-month period both Nationwide and Lloyds were offering generous cash incentives to switchers.
Nationwide had offered customers £175 to switch their current accounts, while Lloyds was offering £200.
However, consumers said their key reasons for switching banks were the online and mobile banking services offered followed by interest rates, customer services and spending benefits.
Barclays saw the biggest net loss in customers during the same period with 37,128 more customers leaving the bank than joined.
It was followed by Halifax, which lost a net total of 20,508 customers.
CASS is an online service that facilitates the bank switching process handling payment transfers and the closure of old accounts.
It said that in total more than one million customers switched bank in the year to March 2025.
John Dentry, owner and operator of the Current Account Switch Service, said: “The past quarter has provided a turbulent economic backdrop, no doubt encouraging increasingly money-conscious consumers to take action.
“By taking advantage of the competitive and dynamic banking market, they have been able to capitalise on more competitive rates, incentives, or improved features.
“As the service continues to provide consumers with a quick, free and easy way to switch accounts, it’s important that those who are yet to consider their options assess whether they’re with a bank that best suits their needs. With a full spectrum of products and perks available, now is the time to consider that switch.”
Last year Martin Lewis urged bank account holders to think carefully before committing to a switch.
He said: “If you do one switch, it’s an application on your credit file which has a very minor, short-term negative effect.
“Lots of those in a short space of time can have an impact. Banks also like to see evidence of longevity, so that’s also slightly negative.
“So I wouldn’t switch my bank account if I had a mortgage application during the next two months.”
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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