Customers switch away from TSB but Nationwide and fintech digital banks winning new custom

The latest quarterly current account switching figures from BACS were released this morning, covering the 3 months to the end of June 2018.
As expected customers voted with their feet on the back of the TSB IT meltdown with the bank losing a net 16,641 customers to rivals – the only real surprise is that this figure wasn’t much higher although the discontent could rumble on and we may yet see a similar outflow of accounts when the next quarterly figures are released next January.
It was another excellent month for Nationwide Building Society taking a net 34,577 accounts from its competitors, the UK’s biggest mutual has easily been the most consistent switching performer for the last two and a half years, putting on a minimum 25,000 net switchers every quarter.
It’s also good to see the digital banks figures being reported, even more so as they reveal that both Monzo (2702 net) and Starling Bank (1,737 net) both outperformed banking giants including Halifax, Lloyds Bank, NatWest and Barclays – it’s a sign that trust is building in new tech challengers and hopefully they will continue to grow and become a greater force in the current account market.

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