Wiki: CASS Switching Stats

UK Financial Chat
22

I don’t recall seeing discussion of this, but apologies if it’s a duplicate.

Q1 2023 stats came out a while back. First net loss I can recall for Monzo;

Brand Gains Losses Net Gains
AIB Group (UK) p.l.c. 14 1,079 -1,065
Bank Of Ireland 61 502 -441
Bank of Scotland 1,848 6,118 -4,270
Barclays 6,877 29,822 -22,945
Co-operative 3,310 8,414 -5,104
Danske 222 737 -515
Halifax 25,564 45,851 -20,287
HSBC 59,569 61,087 -1,518
Lloyds Bank 35,046 35,449 -403
Monzo Bank Limited 9,406 11,485 -2,079
Nationwide 146,676 34,735 111,941
NatWest 37,421 31,775 5,646
RBS 5,083 9,601 -4,518
Santander 12,951 47,997 -35,046
Starling Bank Ltd 10,476 8,666 1,810
Triodos Bank 440 289 151
TSB 8,854 18,496 -9,642
Ulster Bank 447 1,144 -697
Virgin Money 3,335 10,809 -7,474
Low Volume Customers 449 1,458 -1,009

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23

Interesting, Nationwide light years ahead of the competition there

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24

Look at Nationwide go!

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26

I think that Nationwide number is either a catch up, a correction, or reclassifying some data.

I don’t believe they can have that much of a swing for just a run-of-the-mill bank. They had a switching offer, but so did many others, and some are negative despite switching offers!

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27

Could be.

Additionally I have noticed a lot more advertising for Nationwide than for any other bank. Either their advertising is particularly good at targeting me, or they are spending more (or more effectively) than other banks.

28

Yes, Santander have had switching offers and they’re the biggest loser. I can only think that these numbers are skewed by the rising number of serial switchers. They switch for the bonus/bribe but they don’t hang around long and soon switch again for another bonus. This makes it impossible to tell how many people think their new bank is better than their old bank for the facilities on offer, or the customer service etc.

29

I can believe it - their switching offer had almost no terms associated with it - you had to switch, deposit £1,500 and log into mobile banking twice… i know i did it for the £200 :wink:

(Although I never actually got the £200 because I got stuck in a loop where i didn’t know my account number and i didn’t know my “online pin” so couldn’t log in without going into a branch - so I gave up)

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31

Surprised me too, but here we are

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32

Nationwide :eyes:

33

Lloyds and Halifax switching offers are easy to get too. I’ve switched to Lloyds twice and Halifax once, and I’ve never needed any direct debts etc., But Lloyds and Halifax don’t show the same impressive stats as Nationwide.

34

Barclays. Ouch.

Edit: OK I just saw Santander!

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35

These latest figures just seem weird to me. Really high values that don’t immediately seem to be intuitively right, and which I don’t think correlate with switching incentives.

But yeah assuming they’re correct (and they come from the authoritative source so they must be) there are some big ouches in there!

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38

I’ve had a shuffty around at the top and started to add in the missing data, and I’ve reversed the table so that most recent data is next to the bank name, and most easily accessible.

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39

New data out for Q1 2024 (for switches completed in Q4 2023) and bloody hell Nationwide, 163,363 net gain! That’s the largest net gain since the switch service began, by a huge margin.

Briefly checking the Current Account Switch Incentives wiki shows Nationwide ran a huge switch campaign in Q4.

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40

Interesting that only 3 banks had a net positive number of switchers.

41

It is almost always to do with who has a switch offer at a certain time. You’ll probably see increases for Natwest, Lloyds and Santander when the results for the current quarter come along.

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42

CASS data for Q2 2024 was released a few months ago. Would add it to the Wiki but not entirely sure how it works. The next data is set to be released this upcoming week.

CASS-Dashboard-Q2-2024-V4.pdf

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44

Must have been a switch offer. Doubt both Natwest and RBS would get so many switchers if not.

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45

On the other hand, not entirely sure what is driving customers to Starling, especially over Monzo when Monzo lets back previous customers and seems to be having few legal issues, although I accept these issues might have not been in the news as much earlier in the year.

46

Do they count Chase sub-accounts ? I leave my main chase account, and switched 3 sub-accounts without closing main account