Best and worst UK banks based on switching - from Barclays to HSBC and Santander (2024)
The number of current account customers ditching and switching their bank or building society reached a record high in the final quarter of 2023, according to the Current Account Switch Service (Cass)
A record number of people switched their current account provider in the last quarter of 2023, according to the Current Account Switch Service (Cass).
Between October and December 2023, Cass oversaw 433,701 switches, the highest quarterly total since the service started over a decade ago. The latest figures reveal that since its launch in September 2013, Cass has facilitated over 10.2 million switches.
The service believes that customers are drawn by switching incentives, promotional offers, and services that better meet their needs. Cass was set up to make switching current accounts easier.
Payments are automatically transferred to the new account and a guarantee ensures that if something goes wrong with the switch, the account holder won't lose out. In November 2023 alone, a record 162,637 personal, small business, and charity accounts were switched. Data also showed that from July to September 2023, NatWest had the highest net switching gains from those using Cass to switch, at 59,158. This was followed by HSBC UK (25,037), TSB (15,754) and RBS (6,382).
Santander lost a lot of customers, while Barclays also saw many people leave. Andrew Hagger from Moneycomms.co.uk said: "The latest Cass figures once again confirm that offering a cash incentive drives new business."
He also mentioned: "HSBC and NatWest offered £200 (to switch) for much of 2023 and is reflected in their strong performance in 2023." Alastair Douglas from TotallyMoney noted: "The number of switching offers has tailed off in 2024 ... whether this is just a lull or maybe the beginning of the end for cash incentives, time will tell, but without the incentives it's highly likely that switching numbers will fade."
John Dentry from Pay.UK said: "Once again, the run-up to the Christmas period proves itself to be an important time for switching current accounts. It's encouraging to see more consumers and businesses utilising the service to take advantage of a healthy banking market and ultimately find a current account that best serves their needs."
"As interest rates appear to be stabilising, it will be interesting to see how the market develops. Despite higher interest rates, cash incentives and other financial benefits, online and mobile banking still continues to be the most significant reason that consumers prefer their new current account."
"Following another year of high switching volumes, those considering a new current account should be comforted by the fact that the service has facilitated over 10 million switches through a quick, free and easy process."
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to webhomepage@mirror.co.uk
Santander scores 1.4 out of 5 based 6,868 Trustpilot reviews. Of these reviews 8% are 5-star and 85% are 1-star. Whereas, HSBC Kinetic scores 1.9 out of 5 based 13 Trustpilot reviews.
Barclays scores 1.4 out of 5 based 9,859 Trustpilot reviews. Of these reviews 8% are 5-star and 86% are 1-star. Whereas, Santander scores 1.4 out of 5 based 6,868 Trustpilot reviews. Of which 8% are 5-star and 85% are 1-star.
1. NatWest/RBS and Starling Bank. Coming out on top for safest online banks were NatWest/RBS and Starling Bank. They received a total of 87% in all four categories and five stars for security best practices, account management and navigation.
Customer complaints against banking services in the UK H1 2023, by bank. In the first half of 2023, Barclays Bank UK Plc was the bank with the highest number of banking and credit card-related customer complaints opened in the United Kingdom (UK). There were more than 104,000 complaints opened at Barclays.
HSBC Bank UK's expat account comes with various services geared towards international trade, including a debit card, lower fees on international exchange, and a foreign exchange banking app that lets you control your finances from foreign countries.
Santander UK is a financial services company that offers commercial, retail, and global corporate banking services. It provides services through various channels like ATMs, internet, digital, mobile, and telephone.
Since December 2020 the Core Indicator has been Tier 1 capital. The group currently includes Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander UK, Standard Chartered and Virgin Money.
Which Bank Has the Most Complaints? In terms of sheer numbers, Bank of America tops the list with 128,404, which is the most complaints issued overall. However, when it comes to the most complaints per $1 billion deposited, Discover has the highest rate at 247.37 complaints.
It has a competitive APY and offers excellent ATM fee reimbursem*nt, which is a rare feature of branch-based bank accounts. Member FDIC. $10, waived with any personal Santander® checking account or with $10,000 average daily balance in the Santander® Money Market Savings account.
Nationwide, the world's largest building society, takes first overall place with 76% of customers willing to endorse it. HSBC UK, a bank that has been dogged by below-average customer satisfaction scores for a good number of years, ties with Barclays at 68%.
Santander UK plc (UK: /ˌsæntənˈdɛər, -tæn-/, US: /ˌsɑːntɑːnˈdɛər/) is a British bank, wholly owned by the Spanish Santander Group. Santander UK plc manages its affairs autonomously, with its own local management team, responsible solely for its performance.
Santander has been Top Employer-certified for eight years in a row. Only four banks in the world, including Santander, have Top Employer Europe certification.
Bulge Bracket Investment Banks (BBs) – JP Morgan, Goldman Sachs, and Morgan Stanley; Bank of America and Citi; Barclays and UBS; Deutsche Bank is questionable. In-Between-a-Banks (IBABs) – Wells Fargo, RBC, and many European, Asian, and Canadian banks, such as HSBC, BNP Paribas, Mizuho, Nomura, BMO, and CITIC.
Santander International has branches in the Isle of Man and Jersey – both leading international financial centres, as well as being well established, politically stable and renowned internationally for their high standards of regulation.
Introduction: My name is Arielle Torp, I am a comfortable, kind, zealous, lovely, jolly, colorful, adventurous person who loves writing and wants to share my knowledge and understanding with you.
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