Business

2,000 more customers 'switch away' from main local banks

Another 2,000 customers moved away from the four main Northern Ireland banks between last July and September
Another 2,000 customers moved away from the four main Northern Ireland banks between last July and September Another 2,000 customers moved away from the four main Northern Ireland banks between last July and September

ANOTHER 2,000-plus customers ditched the north's four main banks between July and September last year.

But the rate at which current account holders are abandoning their existing financial provider is slowing, according to figures from payments body Bacs.

Some 2,026 account moves were successfully completed from the four local banks using the seven-day switching service over the period as customers were perhaps fed up with their existing provider or inspired to move to a new one.

Danske Bank fared best of the main local clearing banks, shedding just 240 customers, while Bank of Ireland saw 460 accounts lost to rivals.

Ulster Bank was down 655 customers, the report said, while faring worst of all was AIB Group UK (which includes First Trust Bank and Allied Irish Bank), where 671 customers switched.

Many customers are transferring to newer mobile banking challengers such as Monzo and Starling Bank, while more established high street names like HSBC and Nationwide mopped up almost 50,000 floaters.

In the UK as a whole, 235,648 account moves were successfully completed over the period - up by 22 per cent when compared with the previous quarter, when 193,621 switches took place.

In the year as a whole, 929,070 switches were made - slightly down on the 931,956 in 2017.

Launched in 2013, the current account switch service (Cass) has cut the length of time it takes to change banks and removes a lot of other hassle, by automatically moving payments over to the new account.

Nationwide Building Society, HSBC and Santander were among the winners in terms of customers using Cass to move accounts during the period.

Here are the net switching gains or losses made by banks and building societies between July 1 and September 30:

- AIB Group UK (includes First Trust Bank and Allied Irish Bank GB switches) minus 671

- Bank of Ireland (includes the Post Office brand switches), minus 460

- Bank of Scotland, plus 558

- Barclays, minus 5,471

- Clydesdale Bank (includes Yorkshire Bank brand switches), minus 4,432

- Co-operative (includes Smile brand switches), minus 6,631

- Danske, minus 240

- Halifax, minus 5,088

- HSBC (includes First Direct and Marks & Spencer Bank brand switches), plus 16,430

- Lloyds Bank, minus 5,334

- Monzo Bank, plus 5,363

- Nationwide Building Society, plus 31,773

- NatWest, minus 12,514

- RBS (includes Adam & Company, Coutts and Isle of Man brand switches), minus 8,143

- Santander, plus 7,483

- Starling Bank, plus 2,116

- Tesco Bank, plus 586

- Triodos Bank, plus 284

- TSB, minus 16,142

- Ulster Bank, minus 655