Current Account Switching – Winners and Losers

The latest current account switching figures show that although more people are voting with their feet and looking for a more suitable banking relationship, the vast majority are refusing to budge from their existing provider despite the array of enticing up front cash incentives on offer.
Santander and Halifax remain streets ahead of the pack netting 170,551 and 156,639 extra accounts from their rivals respectively in the 12 months to 30 Sept 2014. 
At the other end of the table it’s looking less pretty for NatWest (down 69,181), Co-op bank (down 51,180) and Barclays (down 83,296) – this perhaps partly explains why Co-op and Barclays have just announced moves to increase the appeal of their accounts.
The midata initiative may prompt a few more people to switch, however the confusing array of different tariffs on offer for credit interest, cashback, rewards and overdraft charges means the current account market remains a minefield for customers looking to find the most appropriate deal.

Current Account switching 12 months to 30 Sept 2014

BrandQ4 2013Q1 2014Q2 2014Q3 2014TOTAL over 12 months
Nationwide Building Society12,67911,68014,8606,60845,827
Tesco Bank0002,4672,467
Bank of Scotland-97-85-303-568-1,053
Clydesdale Bank-6,787-6,871-7,838-8,191-29,687
Lloyds Bank-20,065-15,202-6,316-10,402-51,985
Co-operative Bank-15,231-7,852-19,103-8,994-51,180
Data from The Payments Council - amalgamated by 23.04.2015

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