Bank Switching Stats

I’ve just seen this interesting analysis of bank switches on LinkedIn- Starling and Virgin Money topped the switching stats, while Natwest, Santander, and TSB took a big hit!

I can understand why Starling might be at the top, but Virgin Money did kinda surprise me. Does anyone know why they might have ranked so highly for number of switches?

Virgin does have a 2% (2.02%) interest on the first £1000 in the account which is probably higher than many at the moment. The £150 gift card they offer helps somewhat too.

Oh really! I can see how that might encourage people to switch over then!

Were there any names on the list that surprised you? Either number of gains or loses?

It’s all a fiction. I use switches to Starling to close old accounts - much easier than actually closing. Planning to switch at least three accounts this month. A lot is explained by incentives too. Roughly equal switching in and out also strongly suggests strategic switching… So, complete nonsense really

This is interesting - so do you keep an eye on all the switching offers/ cashback/ interest rates etc and regularly make it a thing to switch accounts?

I do a carousel from time to time, but there’s nothing for me at the moment. I was keeping Tesco and hsbc accounts for that, but hey are now dormant or being closed. It’s just tidier to switch them