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Current account switches of United Kingdom (UK) banks Q2 2020, by net gain/loss

This statistic presents the volume of bank account switching (using the new "current account switch service", CASS; offered by the Payment's Council) listed for leading United Kingdom (UK) banks by net customers gained or lost in the fourth quarter of 2019. Monzo bank saw the highest net gains for customers during the fourth quarter of 2019 with almost 21 thousand. Other banks in the ranking did not do so well, with Halifax, Santander and TSB registering the highest net loss in customers during the quarter.

Continued gains and losses

As many as one hundred thousand people in the United Kingdom switch from their main current account provider every month. As an online only bank and relative newcomers, Monzo Bank have seen customer growth ratios of up to 18 people joining the bank for every one that has left.

Customer growth of disruptor banks

The introduction of mobile-based digital banks such as Revolut and N26 has seen customers flock to disruptors in the millions. Low fees, ease of use and user-friendly interface have made disruptor banks a cause of concern to incumbents in the future. It is not only customers that have been attracted to these disruptors. Venture capital backed funding has enabled several online banks to reach unicorn status.

Net number of current account customers gained or lost by leading banks in the United Kingdom (UK) via "current account switch service" (CASS) in the 2nd quarter 2020

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Sources

Release date

October 2020

Region

United Kingdom

Survey time period

April 1 to June 30, 2020

Supplementary notes

This data includes personal customers, small businesses and small charities that have switched using the Current Account Switch Service and received the benefits of the Guarantee and payment redirection services.
The source added the following information "The data provided is for the second full quarter of 2020 (so for switches completing between 1 April and 30 June 2020 and is therefore three months in arrears)."

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Statistics on "Bank customer retention in the United Kingdom (UK)"

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