Current Account Switch Data: 2020 Q2

Latest data for the switch scheme from WeArePay.uk

  • There were 98,192 switches in Q2 2020. The lower number was a result of the impact of the COVID-19 pandemic and social distancing measures.

  • HSBC had the highest net switching gains, followed by Nationwide Building Society and Monzo. NatWest and Starling Bank are in fourth and fifth respectively for net switching gains.

3 Likes

Starling at catching Monzo up!

Anyone know why the RBS and NatWest numbers are polar opposite. Aren’t they essentially the same?

I wonder how much of the reduction in switching is due directly to the pandemic (as in people thinking about other things). Otherwise it looks like around half the switching could be due to bonuses.

The figures for individual banks seem to be from Q1. In the next set of figures HSBC may be impacted by First Direct withdrawing their account for new customers.