Quarter of a million ditch big banks - it is easy to switch!

22 July 2015

banks Are you pig-sick with your bank? Well, the biggest four banks in the UK found that people are starting to vote with their feet now that it is easier than ever to switch to someone else.

In the last year, the Big Four lost more than a quarter of a million current account, with Barclays waving farewell to 98,400 customers. NatWest saw net losses of 71,040 for NatWest, with 45,119 ditching Lloyds Bank and 44,953 sacking off HSBC, according to Bacs data.

This is all thanks to the switching service, which was brought about in 2013, but is finally catching on, which makes it easier to change which bank you use. Now, the switching time for a current account is 7 days, rather than the old 30 working day period.

It also automatically switches you incoming and outgoing payments, and regarding all payments that are made to or requested from the old account in error, to be automatically redirected to the new account for 36 months after you've switched.

The big banks are losing a lot of customers and, including the banks outside the Big Four, last year, 1.1 million people changed to a new bank. With figures showing that only 69% of people have heard of this service, things could get real for some of the crapper banks, and fast.

It looks like the favourite of switchers are Santander (and their 123 current account), Nationwide Building Society and Halifax, who are offering £100 to switch and a £5 monthly reward too.

So shop around. See what works best for you and once you've found something better, apply to open a new account and, with the new lot, tell them that you want to switch to them and they'll help you from there.

TOPICS:   Banking

1 comment

  • Albi
    Nationwide??! Don't go to them whatever you do

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