In Q2 of this year, there has been an increase in UK consumers switching their current accounts.
In Brief:
Starling had the most net gains from this, at 17,769.
Meanwhile Virgin Money gained 17,495, including its brand merger.
Traditional banks NatWest and Santander saw the highest net losses.
What does this mean?
Account switching has been made easier in recent years, but the big challenge for FinTech challengers has been to gain customers who use the bank as their “main account” where their wages are paid into, and not just as an app to manage their spending each month. It looks like Starling is beginning to crack this, while fellow challenger Monzo has also seen gains.
