The number of current account customers who switched banks in the last 12 months has jumped by 7%,with Barclays experiencing the biggest net loss of customers.
The latest figures from the Payments Council reveal that 1.14 million customers switched bank up to 31 March, compared to 1.06 million the previous year, taking advantage of new, faster switching rules.
Between July and September, the most popular banks to switch to were Santander and Halifax, with a respective net gain of 43,312 and 53,624 customers. The only other providers to make net gains were Nationwide (6,608 customers) and Tesco Bank (2,467).
But Barclays saw the biggest net loss of 31,331, with HSBC, Lloyds and NatWest all suffering losses too.
Personal finance expert Andrew Hagger of MoneyComms said customers should attempt to shop around to get the best deal, though the “confusing array” of tariffs, overdrafts charges and interest payments, makes it a “minefield” for those looking for the best offer.
“The figures show that although more people are voting with their feet and looking for a more suitable banking relationship, the vast majority are refusing to budge from their existing provider despite the array of enticing up front cash incentives on offer,” he said.
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