Current account switches of banks in the UK Q2 2024, by net gain/loss

In the second quarter of 2024, Santander led UK banks in net current account gains through the Current Account Switch Service (CASS), which is operated by the Payment Systems Regulator. The bank attracted over 58,000 new current account customers during this period. In contrast, Barclays experienced the highest net losses, with more than 28,000 customers switching their current accounts to other banks.

How many customers switch current account in the UK?

Throughout 2023, more than 100,000 people in the United Kingdom switched from their main current account provider every month. NatWest, the bank with the highest ratio of bank customers gained, saw roughly 3.7 customers join the bank for every one that left in early 2024. 

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.