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.
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.
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%.
While something of a juggernaut in the groceries and traditional banking sectors, Tesco Bank doesn't have quite the same aptitude for digital banking. Its app does comfortably hold its own against HSBC, TSB and first direct, but nevertheless it lags far behind the leaders in the sector, like Starling, Monzo and Revolut.
While not in the digital banking big leagues, first direct's app offers a reliable, easy way to manage your first direct accounts. Given the bank's innovative history, though, you might have expected a stronger showing in the brave new world of digital banking. Read more…
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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