The bank that everyone’s switching to revealed as 1.2million moved accounts last year

MORE than one million people switched banks last year, and there's one organisation that they moved to more than any other.

New figures from the Current Account Switch Service (CASS) reveal 1,190,676 switches were made in 2024.

CASS helps people switch their current accounts by handling the move for free, including moving balances and payments to the new account and closing the old one.

It's designed to encourage people to move bank accounts as people are often reluctant to switch, meaning they could be missing out on the best account.

The latest figure reveals Nationwide Building Society is the organisation that people are moving to the most, with 22,622 new accounts opened.

Data collected between July and September 2024 reveals that Nationwide had the highest net switching gains, which also takes into account those who closed and account.

Barclays was second with 18,053 accounts opened, followed by TSB with 12,282 and Lloyds with 10,018.

Monzo, HSBC and Co-op banks also gained customers, along with smaller banks STarling, Triodos and Danske.

It should be noted that these figures do not include switches conducted outside of the switch service.

A further ten banks lost current customers, including Natwest, Halifax and Santander.

You can see the full list of banks that people are switching from and to below.

Alastair Douglas, cheif executive of TotallyMoney, said that Nationwides' huge gain over the summer is down to a tempting cash offer for moving accounts.

He said: "More often than not, the best offers on the market lure the most customers.

"And this could be why Nationwide saw the biggest net gains during the summer months.

“Back then, they had a market-leading £200 switch bonus and a 5.5% savings rate on up to £10,000 for 18 months.

“Following Nationwide were Barclays, TSB and Lloyds who were offering £175, £190, and £175 respectively.”

Most major high street banks regularly offer a cash bonus for switching your account.

It's designed to boost customer numbers, and can give you a nice bank account boost.

For example right now TSB is offering £100 if you move your account using CASS.

You'll also need to use your debit card for at least five transactions to be eligible for the bonus. Plus you can get up to £60 cashback if you continue using the card.

Read more about how to make the switch in out latest story.

Bank customers use CASS because the service automatically transfers payments and guarantee protection in case of any issue during the switch.

Since it launched over a decade ago, CASS has helped redirect 160.5 million payments.

According to research for CASS, the main reason bank customers switch accounts is due to online or mobile banking.

The switch service has said this has been true for several consecutive quarters.

The second top reason for the switch was interest rates and customer service.

Even better for users of the service, the majority of bank customers who switch are happy with their choice,

Of those who switched last year, 72% said they were happier with their new current account compared to their old one, CASS revealed.

Just 2% of customers were not happy with the switch.

John Dentry from Pay.UK which owns and operates CASS, said: "2024 was yet another busy year for the service, and these figures are ultimately being driven by increasingly money-conscious consumers.

"Banking institutions, whether they be neobank disruptors or traditional high street banks, continue to present diverse, innovative and increasingly generous offers to win over hot-footed switchers.

"We’re pleased to see such high satisfaction and completion rates, cementing the service’s position as critical infrastructure which enables a healthy and competitive banking marketplace."

How do I switch bank accounts?

Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up - there's a full list on the CASS website.

Under the switching service, swapping banks should take seven working days.

You don't have to remember to move direct debits across when moving, as this is done for you.

All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

When switching current accounts, consider what other perks might come with joining a specific bank or building society.

Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.

And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.

Alastair said: “When making any financial decision, from applying for a credit card, to taking out car insurance, do your research and find the best offer for you.

"When switching banks for a sign on bonus, it’s important to read the small print, and to make a note of what you need to do to secure the cash.

"That’s because banks will make you jump through hoops to get the reward, and will usually ask you to transfer a certain amount of Direct Debits, login to your account a minimum number of times, and even make a set number of payments. 

“On the plus side, you might benefit from better customer service, improved savings rates, and even an interest-free overdraft.

"You shouldn’t be put off, because you can easily move banks using the Current Account Switch Service, and this will include moving balances, Direct Debits and overdrafts, with 99.7% of switches being completed within seven working days.”