CASS Switching Stats - October 18

Monzo Chat
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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, thatā€™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 Starlingā€™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 ā€œaccounts openā€ figure - Appreciate itā€™s the same for everyone of course.

I would love to see the genuine active users of both - I doubt itā€™s that far apart - Monzo definitely has more, but likely no where near the 800,000 ā€œaccounts openā€ 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 - Canā€™t imagine why that isā€¦: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 Ā£150 offer which they paid 6 days after the switch so Iā€™ve already started the switch to Natwests Ā£125 offer.

I canā€™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 itā€™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. Iā€™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

Iā€™m assuming Monzo numbers will look much better in the next quarter especially with all the ads :slight_smile:

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Iā€™d love to take advantage of the HSBC offer, but donā€™t have a ā€˜spareā€™ 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.

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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.

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

Iā€™m not data analyst to work the full picture though. Weā€™ve not done bad!

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

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Hereā€™s another spreadsheet if anyoneā€™s interested in the gains as a %.
I changed the sort order too.

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Just open a Coop account or somethingā€¦

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

IMG_20181030_163239

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