The banks and building societies thousands are switching to

HSBC, Lloyds Bank and Starling Bank lured the most current account customers away from other providers in the second quarter of 2022, according to Pay UK’s latest data. 

The banks that saw the biggest net losses were Santander, TSB and Barclays, with thousands more customers leaving them than joining. 

Here, we reveal the banks and building societies people have been switching to between 1 April and 30 June 2022.

Which current account providers are people switching to?

Pay UK’s latest data shows the number of current account switches between 1 April and 30 June (Q2) this year. 

The graph below shows how customer numbers changed over this three-month period. Click each tab to see the 'gains', ie the total number of customers that switched to each provider; the 'losses', ie how many customers left each provider; and the overall 'net gains', which shows whether a provider had more or fewer customers after the gains and losses are combined. 

As the graph shows, HSBC gained the most customers from switching during this period, with net gains of 18,047. These figures include HSBC, as well as its sister bank First Direct, which may account for many of these gains, following its long-running cash bonus offer to new customers who switch to its 1st Account. 

Looking at First Direct specifically, the provider achieved Which? Recommended Provider (WRP) status in our latest survey on the best and worst banks. Nearly every aspect of its service was rated five stars by customers, including online banking, complaints handling and overall customer service. 

Lloyds Bank came second with a net gain of 11,173, while Starling Bank, another WRP, attracted a net gain of 9,880 switchers. 

In our WRP research, customers gave challenger bank Starling a score of 90%, one of the highest customer scores we’ve ever awarded for current accounts, with five stars for every part of its service we could rate.

Nationwide and Monzo Bank came fourth and fifth respectively for net switching gains.

At the other side of the scale, the biggest net losses came from Santander, which ended Q2 at -20,220 following thousands of customers switching away from the provider. 

Barclays (-14,421) and TSB (-13,039) also saw significant losses. These providers also came towards the bottom of our WRP table, with customer scores of 70% and 66% respectively.

• Find out more: best and worst banks

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What switching incentives are banks offering?

If you're thinking of moving to a new current account, you could stand to make some cash in the process, as several are currently offering switching incentives. Here are the latest offers from each bank, with details on how to qualify.

HSBC: £200 for new customers

Customers who switch to HSBC's Advance or Premier accounts can get £200 when switching with the CASS, with at least two direct debits or standing orders. You must also deposit at least £1,500 into the account within 60 days of opening it. Note that these accounts have their own eligibility criteria to open them.

You won't qualify for the bonus if you've held an account with HSBC or First Direct since 1 January 2019.

Nationwide: £200 for new customers

Customers get £200 when they switch to a Nationwide FlexPlus, FlexDirect or FlexAccount product, with at least two direct debits. It has to be the first account you have held with Nationwide since 18 August 2021.

First Direct: £175 for new customers

First Direct is offering £175 to new customers who switch to its 1st Account.

You must use the Current Account Switch Service to switch, and deposit £1,000 within three months of opening the current account. You must be a new customer to First Direct, and cannot have been an HSBC current-account holder on or after 1 January 2019. The bonus will be paid into your account within four months.

Lloyds Bank: £150 and other freebies

Customers that switch to a Club Lloyds or Club Lloyds Platinum account by 14 November could get £150 cash. Note that both of these accounts come with monthly fees; however, the Club Lloyds account is fee-free if you pay in at least £1,500 per month.

To qualify, you can't have received a switching incentive from Lloyds Bank since April 2020.

Both accounts also allow you to choose an extra perk each year from six cinema tickets, 12 digital movie rentals, a Gourmet Society membership, or an annual magazine subscription. 

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How to switch your current account

The deals above are only offered to those who switch to their new account using the Current Account Switch Service (CASS). 

Whether you want to switch to get a bonus or not, the CASS can be worth using regardless - many banks are signed up to the service, and it can take the headache out of the process.

CASS is free to use, and means the move to your new account will be largely automated, moving your incoming and outgoing payments along with it. Your new bank will handle moving these payments and correct any problems that arise as part of the switching process. 

You’ll also be protected by the Current Account Switch Guarantee if you run into any problems. 

• Find out more:how to switch your bank account

This article was first published on 3 November. It was updated on 7 November to add in HSBC's latest switching offer.