Business

More customers ditch and switch - but Ulster Bank makes big gain

Danske adds 65 new accounts says Cass as AIB and Bank of Ireland lose 1,000 customers

Some 1,970 account holders switched away from the north's four main clearing banks in the last three months of 2022, according to Cass
Ulster Bank and Danske Bank added nearly 2,700 new customer accounts in the first quarter of this year, according to the Current Account Switch Service (Cass). But their were customer losses for AIB and Bank of Ireland
By Gary McDonald

Ulster Bank has gained back all the customers - and more - in the first three months of this year that it loss in the final quarter of 2023, new data from the Current Account Switch Service (Cass) shows.

The latest Cass report confirms that Ulster Bank added 2,632 customers between January 1 and March 31.

That follows the loss of 2,587 account holders between last October and December.

It’s the first time in a number of years that any of the north’s main clearing banks have made such a significant gain.

The Cass data also shows that Danske made a customer gain of 65 over the first quarter of this year via the Cass switch service.

But AIB Group (which includes includes Allied Irish Bank Britain and its Northern Ireland branches) lost 556 customer accounts, while Bank of Ireland was down 439.

Over the past 12 months, the Cass service has enabled 1,411,553 switches across the UK, marking a 10% increase compared with the previous year.

John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The continued upward trend in current account switching underscores the importance that consumers and businesses place on finding the right banking partner.

“This quarter’s switching data reflects not only a robust and competitive market but also the trust and confidence that end users have in the Current Account Switch Service.

“As the UK economy shows signs of recovery, it’s encouraging to see that the service remains a critical tool for those looking to switch their current account.

“Whether for individuals or small businesses, the ability to switch accounts through a process that is quick, free and easy ensures that everyone can find a current account that best serves their needs, whatever they may be.”

Here are the net switching gains or losses made in the first quarter of 2024 by banks, according to latest figures published by Cass:
  • AIB Group -minus 556
  • Bank of Ireland - minus 439
  • Bank of Scotland - minus 1,361
  • Barclays - minus 38,779
  • Co-operative (includes Smile brand switches) - up 2,923
  • Danske - up 65
  • Halifax - minus 21,174
  • HSBC (includes First Direct brand switches) - minus 186
  • JP Morgan Chase - minus 7,273
  • Lloyds Bank - up 11,076
  • Monzo - minus 1,838
  • Nationwide - minus 7,301
  • NatWest - up 60,497
  • RBS (includes Coutts and Isle of Man brand switches) - up 13,210
  • Santander - minus 11,621
  • Starling Bank - up 1,813
  • Triodos Bank - up 161
  • TSB - up 11,640
  • Ulster Bank - up 2,632
  • Virgin Money - minus 5,796