CASS Switching Stats - October 18

The latest CASS stats are in from BACS today:

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https://www.bacs.co.uk/DocumentLibrary/CASS_dashboard_-_published_24_Oct_18.pdf

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Wow, that’s impressive :tada:

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Interesting figures there. TSB unsurprising fall off a cliff. Monzo is third - but quite a way behind the big two. Starling not too far behind Monzo despite having a much smaller customer base.

Thanks for sharing!

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I expected Monzo to have higher switch rate especially considering Starling’s customer base is 1/4 of the size of Monzo.

Good to be 3rd though but a long way from second.

I appreciate that the 2nd and 1st places go to banks who have incentives running.

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I think this probably highlights the issue with simply reporting an “accounts open” figure - Appreciate it’s the same for everyone of course.

I would love to see the genuine active users of both - I doubt it’s that far apart - Monzo definitely has more, but likely no where near the 800,000 “accounts open” more, that the figures show.

Good to see TSB flying the flag of failure.

Shock horror to see HSBC leading the way in sign ups - Can’t imagine why that is…:money_mouth_face:

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I bet of the HSBC 25,605 that 90% are First Direct, 1% M&S.

I just swapped to HSBC (from First Direct) to collect the £150 offer which they paid 6 days after the switch so I’ve already started the switch to Natwests £125 offer.

I can’t imagine why anyone would want a HSBC account :sauropod::t_rex:, I can see why its 13/16 in that recent survey.

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At the end of the day it’s not a real representation as the majority of those will switch back out to the next best incentive later this year :smiley: . Over time I reckon the net rate is much lower.

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Oh absolutely - I was one of them! lol.

CASS figures are blurry at best. I’m not really sure they tell you anything concrete - Certainly not when you look at the likes of HSBC, with large incentives skewing the figures.

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Also those figures are for 1 July 2018 to 30 September 2018

I’m assuming Monzo numbers will look much better in the next quarter especially with all the ads :slight_smile:

I’d love to take advantage of the HSBC offer, but don’t have a ‘spare’ current account to switch from. Am about to start using Starling for my business banking, so would rather not close my personal account there just yet.

The other thing to keep in mind, is that not everyone will have used CASS. Some people might be switching manually, so they can keep the other account open.

At a brief glance, Nationwide have the best higher numbers, and HSBC lose 50% of their switches :see_no_evil:

I’m not data analyst to work the full picture though. We’ve not done bad!

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Last time I applied for a HSBC current account for the incentive I got declined :frowning:

Here’s another spreadsheet if anyone’s interested in the gains as a %.
I changed the sort order too.

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Just open a Coop account or something…

It will be interesting to see whether Starling’s CASS push will have a big impact on the next set of stats

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