A report published by Love Money on the best and worst of UK banks is very interesting reading highlighting as it does the move from traditional high street banks to Fintech or Challenger Banks.
Bank customers have been ditching high street banks in favour of challengers like Starling and Monzo, latest bank switching stats have revealed.
However, the total number of people switching remains well down on pre-pandemic levels, likely because of financial uncertainty and the fact most banks have pulled their top perks for new customers anyway.
How many people are switching?
According to the latest stats from the Current Account Switch Service, an initiative designed to make it easier to change banks, there were more than 136,000 switches between July and September.
This is well up on the 98,000 switches during the worst COVID lockdown months, April to June, but less than half the 280,000 recorded in the first three months of the year.
Note that this data doesn’t take into account switches where the customer’s old bank account was left open – as loveMONEY readers know, keeping a second account can be a savvy move – so the real switching total may be higher.
The Current Account Switch Service now claims to complete 99.4% of switches in seven working days, although for those unlucky few who hit problems it really can be a nightmare.