Current account switches of United Kingdom (UK) banks Q2 2023, by net gain/loss

The volume of bank account switching (using the "current account switch service", CASS; offered by the Payment's Council) listed for leading United Kingdom (UK) banks in the second quarter of 2023 was the highest for NatWest. The bank had a net gain of almost 100,000 current account customers during this period. During the same period, Santander had the highest recorded net losses, with more than 32,000 current account customers switching to other banks.

How many customers switch current account in the UK?

Around 82,000 people in the United Kingdom switch from their main current account provider every month. NatWest, the bank with the highest ratio of bank customers gained, saw roughly three customers join the bank for every one that left in the first quarter of 2023.

Customer growth of disruptor banks

The introduction of mobile-based digital banks such as Revolut and N26 has seen customers flock to disruptors by the millions. Low fees, ease of use, and a 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.