Over 350,000 people switched banks in the third quarter of 2022 revealed the UK’s Current Account Switch Service in its latest report. Starling Bank also celebrates a number of achievements to kick off 2023.
There were a total of 376,107 switches in Q4 2022, the highest quarterly figure on record since the service launched. In the third quarter of 2022, Santander had the highest net switching gains. The UK bank was followed by HSBC, with Starling Bank taking third place. Monzo Bank and Nationwide were fourth and fifth respectively for net switching gains.
Overall, 99.3 per cent of the switches made between July and September 2022 were completed within seven working days.
David Piper, head of payments operations at Pay.UK and owner and operator of the Current Account Switch Service commented. Piper said: “It is encouraging to see the highest level of switches ever this quarter. It demonstrates the continued relevance of the service to consumers and businesses across the UK.
“It’s also positive to see an uptake in small business and charity account switches, showing that the value of the Current Account Switch Service extends beyond personal accounts.
“Those considering a new current account, for whatever reason, can be assured that the Current Account Switch Service has facilitated nearly nine million switches through a quick, free and easy process.”
Starling Bank celebrates achievements to start 2023
Starling Bank gained 9,070 net switches for the period from 1 July 2022 to 30 September 2022. The digital bank fell behind only Santander with 29,105 net switches and HSBC (13,119). The news means that Starling is the only bank in the top three not to offer financial switching incentives, and is the highest-ranked digital-only bank.
Starling was also named Britain’s best current account in Finder’s ‘Customer Satisfaction Awards 2023‘. The digital bank also debuted on the UK Customer Service Index, taking sixth place. The achievement means Starling joins the likes of John Lewis, M&S and Tesco Mobile in the UK’s top ten performing brands regarding customer service.
The report is published bi-annually by the UK Institute of Customer Service, based on a survey of 45,000 responses.
Helen Bierton, chief banking officer at Starling Bank, explained why she believes the challenger is so popular.
Bierton said: “People switch to Starling for our easy-to-use app and award-winning customer service.
“We want to help improve our customers’ money management skills for the long term, rather than give them one-off financial incentives to switch.
“The fact that Starling is the only bank to have consistently topped the leaderboard throughout 2022 so far, and is the only bank in the top three not to offer switching incentives, is a testament to our mission.”
Paul Ford, head of customer service at Starling Bank, also commented on why Starling is enjoying success. Ford explained: “What customers really notice about Starling is that we offer 24/7 customer service with a human touch. We also offer a stand-out digital experience.”
