CASS Switching Stats: Q3 (July-Sep) 2020

Monzo Chat
#1

These don’t seem to have been formally published on the pay.uk website, but, slightly randomly, the Aberdeen Evening Express is reporting them.

Anyway, top three:

:1st_place_medal: Starling
:2nd_place_medal: Monzo
:3rd_place_medal: Nationwide

Full stats:

Here are the net switching gains or losses made by banks in the second quarter of 2020 from customers using Cass:

– AIB Group UK (includes the First Trust Bank and Allied Irish Bank GB brands) minus 196

– Bank of Ireland, minus 178

– Bank of Scotland, 228

– Barclays, minus 3,325

– Clydesdale Bank (includes Yorkshire Bank brand), minus 226

– Co-operative Bank (includes the Smile brand) minus 297

– Danske, minus 80

– Halifax, minus 10,019

– HSBC (includes First Direct and Marks & Spencer Bank brands), minus 2,192

– Lloyds Bank, minus 1,698

– Monzo, 11,393

– Nationwide Building Society, 10,083

– NatWest, 4,134

– RBS (includes includes Adam & Company, Coutts and Isle of Man brands), minus 1,799

– Santander, minus 12,532

– Starling Bank, 11,998

– Tesco Bank, minus 724

– Triodos Bank, 410

– TSB, minus 3,046

– Ulster Bank, minus 31

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WIKI: CASS switching stats over time
#2

Also here:

#3

I find it strange that the article alludes to the switching incentives being the catalyst for increased CASS transactions, yet the top two, at least, Starling and Monzo, provide no such financial incentive, relying solely on their product.

Without checking, I am not sure whether the Nationwide £100 refer a friend incentive is still active, or culled this year.

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#4

I think it’s more to do with the switching carousel. You can hop from bank to bank for the incentives, then close the last account by switching to Starling (CASSing is easier than closing an account).

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#5

Agreed. It’s a possibility.

I closed one of my Tesco current accounts by CASS to Starling, once I had exhausted all incentives of use to me.

Other one, I CASS to Monzo :grin:

Albeit, both in 2019.

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#6

I wonder, once you strip all that kind of stuff out, how much genuine and permanent switching is taking place.

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#7

I think bank accounts are one of those things that most people just keep for years and years.

Unless there’s a major issue and they piss you off beyond belief then you’ll probably stay. I know lots hop from one to another to gain the extras but most don’t bother at all.

I wonder if it’s more of a generational thing and now as it’s far easier to open a new account and switch if this will change.

#8

Those that are multiple switching banks for money are destroying their credit file at a small cost. I dont see it being worth it.

#9

Here’s the list of changes in numerical order, because that was bothering me!

Bank Change
Starling Bank 11,998
Monzo 11,393
Nationwide Building Society 10,083
NatWest 4,134
Triodos Bank 410
Bank of Scotland 228
Ulster Bank - 31
Danske - 80
Bank of Ireland - 178
AIB Group UK - 196
Clydesdale Bank - 226
Co-operative Bank - 297
Tesco Bank - 724
Lloyds Bank - 1,698
RBS - 1,799
HSBC - 2,192
TSB -3,046
Barclays - 3,325
Halifax - 10,019
Santander - 12,532
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#10

Just need someone to do this with the banks ranked according to percentage increase/decrease.

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#11

All of these stats are misleading. As it doesn’t say about new accounts opened from scratch; and accounts closed without switch. And those that are dormant for years. Also, it doesn’t indicate gaining new business as the switch may have happened into account one had open for a long time.

Given that Santander hiked fees, and reduced cashback/interest, I can see people switching away and closing.

So these stats should be all assumed to be relative. And marginal. Lloyds has 30 million customers, it will take many quarters to chip that away with 12k switches a quarter.

It still seems like tiny numbers given the size of the population.

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#12

Does it give a breakdown for personal / business accounts?

#13

Natwest, RBS and Lloyds have current switching deals. And 2 of those are losing customers nevertheless

#14

I’m not surprised Starling’s are up, as I have said a few times on here I have the TV on whilst I work and the Starling advertising campaign is RELENTLESS. I must have seen the advert at least two or three times a day for the last couple of months. Their advertising budget must be insane.

#15

TSB should read -3,046, I don’t think anyone in their right mind would switch to TSB - with their constant outages, which appear to still be ongoing :sweat_smile: (ex customer)

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#16

In all honesty, I’ve never had any issues with TSB. It has always worked very well, I’ve had many more acceptance issues with Monzo than I ever had with TSB.

Edit: I quite like their app, too. It’s easy to navigate, and the input screen is a joy to use.

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#17

Ahh good spot. Fudged that one when I was messing with the data in excel.

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#18

I really like TSB app. And maybe I will switch back to them. Support is much better than Monzos.
TSB are in right direction

#19

Fair enough, I can’t speak for the past 2 years as their IT meltdown when they migrated systems from Lloyds to Sabadell prompted me to go full Monzo in 2018. I’ve personally never experienced any major issues with Monzo but I guess it can be a bit of case of luck / personal preference :slightly_smiling_face:

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#20

Surely FinExtra could have picked a better headline (or is it just me :rofl:)

Screenshot 2020-10-31 at 21.57.11

:man_shrugging:

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