Best and worst banks: NatWest and Nationwide the big winners as customers ditch TSB

The latest switching figures reveal the banks most people are switching to – and those that are losing customers by the bucketload.

NatWest and Nationwide were the big winners in the latest analysis of bank switching figures, while TSB lost the most customers.

Customers made a total of 191,777 switches through the Current Account Switch Service (CASS) between April and June 2022, down from 196,964 switches in the previous three-month period.

Note that the CASS figures only cover switches where the person's old bank account is closed. 'Partial switches', where the customer chooses to keep their old account as well are not included, so the true total number of switchers will be higher. 

While it's interesting to see that fewer people switched in the second quarter of this year, the really useful stats can be found by looking at the specific banks and building societies that gained and lost the most customers.

This data is provided by Pay UK, the retail payments authority.

As it takes a while to pull these together, the latest stats available are for the first quarter of 2022 (1 January-31 March).

Here’s what these stats reveal, starting with the biggest winners.

Fancy joining Starling? Take a look at the bank’s current accounts here

Best UK banks

NatWest had the highest net switching gains, with over 19,000 more people joining than leaving over the quarter.

One possible reason for this was the fact the bank offered a juicy £150 switching bonus to new customers during this period.

Nationwide was the other big winner during the quarter, having attracted a net gain of 12,503 customers.

Other banks to boost their customer base were Starling, HSBC, Monzo, Bank of Scotland, Royal Bank of Scotland (RBS) and Triodos Bank.

See the table below for the full list of winners.

Brand

Gains

Losses

Net gains

NatWest

33,310

13,846

19,464

Nationwide

31,472

18,969

12,503

Starling Bank

15,085

3,197

11,888

HSBC

35,136

29,960

5,176

Monzo

8,617

5,396

3,221

Bank of Scotland

3,268

2,536

732

RBS

5,787

5,153

634

Triodos Bank

653

250

403

The best bank accounts for switching bonuses

Worst-performing banks

TSB lost the most customers during the first quarter of 2022. In total, 15,061 customers ditched the bank while only 1,941 joined, leaving TSB with 13,120 fewer customers overall.

One of the possible reasons for the drop in customers was the fact that many TSB customers complained that payments were wrongly taken twice in March.

Barclays had the next highest losses as 17,462 customers left the bank and only 4,611 joined, leaving it with a net loss of 12,851.

TSB and Barclays aren’t the only big names to struggle, however, with a significant number of well-known banks clustered towards the bottom of the table.

You can check out the full list below.

Brand

Gains

Losses

Net losses

TSB

1,941

15,061

13,120

Barclays

4,611

17,462

12,851

Halifax

7,344

19,283

11,939

The Co-operative Bank

1,064

4,959

3,895

Lloyds Bank

12,015

15,114

3,099

Santander

22,920

25,972

3,052

Virgin Money

6,447

8,757

2,310

AIB Group (UK)

8

1,588

1,580

Low Volume Customers

482

1,408

926

Bank of Ireland

41

429

388

Danske Bank

235

326

91

Ulster Bank

314

393

79

The best bank accounts for switching bonuses

What matters to us?

It's clear that switching incentives continue to play a key role in the switching merry-go-round.

For example, we've seen banks go from near the top of the table all the way to the bottom after withdrawing a juicy offer. Similarly, a juicy switching bonus often drives a bank up the charts.

Regardless, the common themes among the banks that consistently appear at the top of these switching tables every year are excellent account features and customer service.

*This article contains affiliate links, which means we may receive a commission on any sales of products or services we write about. This article was written completely independently.

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