Switching numbers for last quarter

[Investor_No1]

People are officially switching more and more to challenger banks using CASS

https://uk.finance.yahoo.com/news/confidence-challenger-banks-growing-switching-230100226.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAB-QjuvS6cm0Stqp7MrpISrtoZcZosjRw8g-kAHUQyp04Z8NjUIBg0WCs6rc_OWjR3gD1xvyPyMFWueobUHO-sRVkTsHA_qNONnivihC72CFoJUJq_ZL5-xHIqSYiA-FxFnD8EzFMHqGMALryrw_IiwIcVmvLw81A3AxQTZdxixP

[o99]

I wonder how much the Monzo net gain is damaged by individuals opening Monzo accounts solely for the purpose of switching it to another bank to gain a switching reward at the other bank (a loss for Monzo in CASS terms).

Monzo, and probably also Starling, would be likely choices for banks to open temporary accounts at due to ease and speed of account opening. I often see MoneySavingExpert forum users promoting the use of Monzo for this.

[Kristian]

I wonder how much the Monzo net gain is damaged by individuals opening Monzo accounts solely for the purpose of switching it to another bank to gain a switching reward at the other bank (a loss for Monzo in CASS terms).

Monzo, and probably also Starling, would be likely choices for banks to open temporary accounts at due to ease and speed of account opening. I often see MoneySavingExpert forum users promoting the use of Monzo for this.

Can’t imagine it would be anything significant. People generally don’t switch banks, electricity or cell phone carriers.

[Gaoler]

@Kristian

Can’t imagine it would be anything significant. People generally don’t switch banks, electricity or cell phone carriers.

Getting towards 100k per month

https://www.bacs.co.uk/documentlibrary/monthly_cass_data_2019.pdf