More customers leave TSB than any other bank, data shows

More customers abandoned TSB in the third quarter of last year than any other bank, according to the latest data, while Nationwide gained the most new accounts. 

TSB, which suffered two major IT outages in 2018, saw net losses of 16,142, followed by Natwest which lost 12,514 accounts overall.

A total of 40, 656 customers moved their current account to Nationwide between July and September last year, Bacs data shows, leaving the bank with net gains of 31,773 accounts.

HSBC followed with net gains of 16, 430, while digital challenger banks Monzo and Starling also performed well with gains of 5,363 and 2,116 respectively.

Data for the three months to December last year showed that the number of switches increased to more than 85,000 per month in October and November before dropping back to around 61,891 over the Christmas period.

The Bacs switching dashboard report said: “Reflecting on the statistics for the final quarter of 2018, switches returned to higher levels in October and November, before falling back in December, consistent with trends typically seen over the Christmas period.

“The published gains and losses of participants in the third quarter 2018 show HSBC and Nationwide recording the most gains, with the latter being the overall net winner.

“The offering of switching incentives is likely to have contributed significantly to this, with Nationwide continuing their £100 for the new switcher and a friend, and First Direct offering gifts for switchers.”

“Customers do not solely need to use the switching service, they can open a new bank account with us via our branch network or online," a TSB spokesperson said.

"In reality, in the third quarter of 2018, approx. 22,000 customers opened a new bank account with us or switched their account to us.”