More than 2,000 customers switched away from the north’s traditional main banks in the final three months of 2024, according to a service set up to take the hassle out of moving to a new provider.
Ulster Bank was the biggest loser, with 780 customers using the Current Account Switch Service (Cass) to move to another provider over the period.
AIB Group (UK) had 463 customer defections while Danske Bank had 431 switchers and Bank of Ireland lost 357 accounts.
In the UK as a whole, more than one million current account switches have taken place in the past year.
Figures provided voluntarily by banks and building societies show that Nationwide Building Society, Lloyds Bank, NatWest and the Co-operative Bank achieved the highest net switching gains between October and December 2024.
Cass said customers have continued to highlight digital functionality and account benefits as key reasons for switching banks (Alamy Stock Photo)
Nationwide had the highest net switching gains with 51,254 over the period, followed by Lloyds Bank (50,061), NatWest (7,279) and the Co-operative Bank (3,812).
The figures include people, small businesses and small charities that have switched using Cass and been covered by the switching guarantee and payment redirection services. The figures do not include switches made outside the service.
The Cass service said customers have continued to highlight digital functionality and account benefits as key reasons for switching.
Online or mobile app banking is the top reason for preferring a new account, its research indicates, followed by interest earned, customer service and spending benefits.
The service automatically moves payments over to the new account and has a guarantee so that customers are not left out of pocket if anything goes wrong with the switch.
Since the service launched in 2013, it has facilitated more than 11.6 million switches and redirected more than 163.6 million payments.
John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The past quarter has provided a turbulent economic backdrop, no doubt encouraging increasingly money-conscious consumers to take action.
“By taking advantage of the competitive and dynamic banking market, they have been able to capitalise on more competitive rates, incentives, or improved features.”
Here are the net switching gains or losses made by providers between October 1 and December 31 2024:
- AIB Group (UK), down 463
- Bank of Ireland, down 357
- Bank of Scotland, down 2,176
- Barclays, down 37,128
- Co-operative Bank (includes Smile brand), up 3,812
- Danske, down 431
- Halifax, down 20,508
- HSBC UK (includes First Direct brand), down 5,935
- JP Morgan Chase, down 7,352
- Lloyds Bank, up 50,061
- Monzo, up 1,678
- Nationwide Building Society, up 51,254
- NatWest, up 7,279
- RBS (includes Coutts and Isle of Man brand), down 5,765
- Santander, down 2,799
- Starling Bank, down 3,405
- Triodos Bank, down 23
- TSB, down 17,798
- Ulster Bank, down 780
- Virgin Money, down 4,809