Starling Bank clings onto its top spot as Current Account Switching grows more competitive

Digital banks Starling and Monzo remained among the top 5 most switched-to banks in Q2, despite neither offering financial rewards for switching.

Meanwhile, high street banks like Nationwide, Lloyds and HSBC are all offering £100+ to incentivise switching.

According to the latest data from the Current Account Switch Service (CASS), Starling Bank had the 3rd highest net switching gains between April and June, with 9,880 new customers, while Monzo came in 5th with 4,559 new customers.

“Starling is the only bank to have consistently made the Current Account Switching Service podium in 2022—and the only bank in the top three not to offer monetary switching incentives,” said Starling’s chief banking officer Helen Bierton.

“As the cost of living crisis unfolds, customers want, more than ever, to feel in control and to manage their money better. Today’s switching figures suggest that Starling’s saving and spending tools are helping people do exactly that.”

HSBC (18,047) and Lloyds (11,173) were the two most switched-to banks in Q2, followed by Nationwide in 4th place (5,598).

CASS highlighted the fact that neither Starling nor Monzo offer financial switching incentives, saying that it highlights “that for many end-users features such as customer service and mobile app ease-of-use were important.”

“At least two digital banks have appeared in the ‘top five’ performing current account providers in each quarter of 2022 so far.”

In Q3, for which per bank data is not yet available, CASS processed a total of 222,108 switches, up on the 212,600 that were made in Q3 2021.