OVER a million bank users switched to a new bank in 2024 for the second year in a row and one establishment came out on top. The Current Account Switch Service (CASS) which helps people switch their current accounts, revealed that huge swathes of bank users are changing their financial habits. 2 Over a million bank users switched their current accounts to a new bank last year Credit: PA 2 Nationwide came out on top followed by Barclays, TSB, and Lloyds Credit: PA A whopping 1,190,676 switches were made in 2024 with CASS handling the process.
The bank to come out on top as the most popular choice for bankers to switch to was the Nationwide Building Society. Data collected between July and September 2024 revealed that Nationwide had the highest net switching gains. Barclays was second followed by TSB and Lloyds.
read more on banks HOUSE THAT High street banking giant launches new mortgage that lets buyers borrow MORE DON'T BANK ON IT Lloyds, Halifax & Bank of Scotland to close 136 sites - see the full list It should be noted that these figures do not include switches conducted outside of the switch service. The CEO of TotallyMoney, Alastair Douglas believes he knows why Nationwide was the top chosen bank. He said: "More often than not, the best offers on the market lure the most customers.
And this could be why Nationwide saw the biggest net gains during the summer months. “Back then, they had a market-leading £200 switch bonus and a 5.5% savings rate on up to £10,000 for 1.
