Current account statistics

Get updated on how Brits are handling their current accounts.

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Current accounts can offer a number of different perks, including better interest rates, cash incentives for switching and overdrafts. In the case of changed circumstances, you should consider whether your current account is still your best option or whether a switch might offer more rewarding features.

The latest stats

  • In 2019, 1.2 million UK residents had no current account
  • Over a period of 12 months (from April 2018 to March 2019) there were 921,065 switches through the Current Account Switch Service
  • Those under 35 are 3 times more likely to actively think about switching than those aged over 55

Monthly UK switching volumes

The number of personal, small business and charity current account switches over a six-month time period (October 2018 to March 2019) is shown below.
Personal account switches Small business and charity account switches Total account switches
Oct-18 82,957 2,566 85,523
Nov-18 85,495 3,009 88,504
Dec-18 59,415 2,476 61,891
Jan-19 69,267 2,587 71,854
Feb-19 97,537 2,810 100,347
Mar-19 88,158 4,836 92,994
The number of personal switches consistently makes up the vast majority of total current account switches. Small business and charity account switches remain high during the six-month period, with highest switch numbers in March 2019 – a 42% increase on the previous month’s value. The personal account switches fluctuate more, with the highest being in February 2019 – a 39% increase compared to the lowest count in December 2018.

UK switching during Q4 2018

The banks that personal customers, small businesses and small charities have switched from and to using the Current Account Switch Service are presented below.
Brand Gains Losses Net Gains
AIB Group (UK) 64 870 -806
Bank of Ireland 172 756 -584
Bank of Scotland 3,557 4,884 -1,327
Barclays 13,946 20,344 -6,398
Clydesdale Bank 1,462 7,358 -5,896
Co-operative 454 8,415 -7,961
Danske 363 756 -393
Halifax 17,175 34,542 -17,367
HSBC 60,970 29,581 31,389
Lloyds Bank 11,476 21,935 -10,459
Monzo Bank Limited 6,549 596 5,953
Nationwide 48,736 12,409 36,327
NatWest 29,807 23,340 6,467
RBS 3,828 15,209 -11,381
Santander 17,899 21,868 -3,969
Starling Bank Ltd 4,195 469 3,726
Tesco Bank 1,333 1,232 101
Triodos Bank 248 32 216
TSB 2,122 19,614 -17,492
Ulster Bank 302 985 -683
The two biggest account net gains for the quarter are to Nationwide and HSBC. While Halifax is the bank with the second greatest account net loss (17,367 accounts), it has still gained a significant 17,175 accounts.

The UK’s most popular banks for current accounts

As of July 2018, most people (15%) reported the bank which they had their main current account with was Barclays. This is followed closely by Santander, Halifax and Lloyds at 12%.
Bank Percentage of people with main current accounts here
Barclays 15%
Santander 12%
Halifax 12%
Lloyds 12%
NatWest 11%
Nationwide 9%
HSBC 9%
TSB 5%
Royal Bank of Scotland 4%
The Co-operative 2%
Other 9%

Sources

HM Revenue and Customs
pay.uk
The Guardian
ComRes

Click here for more research. For all media enquiries, please contact

Matt Mckenna
UK communications manager
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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