Exclusive: RBS is big loser of seven-day switching while Santander wins customers

Tim Wallace
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RBS lost 171,400 customers through the seven-day switching system (Source: Getty Images)

RBS is losing the battle for banking customers, City A.M. can reveal, shedding 171,400 customers through the seven-day switching system and gaining just 95,000 current account customers.

Overall, RBS and NatWest have lost a net 76,200 through the system since it was launched last September, accord­ing to City A.M. calculations based on figures from survey firm TNS and high street bank Santander.

HSBC has also been losing out – its First Direct brand has gained an estimated 9,500 customers, but the parent group is haemorrhaging accounts, and the group is down 66,700.

Barclays is down a net 9,500 – meaning that, between them, a net 152,400 customers have deserted those three high street giants in less than a year.

By contrast, Santander is the big winner, having gained 200,000 customers and lost 95,200 – a net gain of 104,800.

Its 123 current account gives customers cashback on spending.

Nationwide is the second big winner with a net gain of around 57,100 – and its account offers a high rate of interest.

Lloyds and TSB are in joint third place, gaining around 9,500 each.

Lloyds’ Halifax brand is up a net 57,100, thanks to its £100 giveaway to new customers. But its Lloyds and Bank of Scotland brands are losing accounts.

The banks noted they have other customers joining outside the switching scheme, including those opening their first accounts. Barclays highlighted its new technology attracting customers, and HSBC noted it also ran M&S accounts which were not in the data.

RBS declined to comment. Its bosses have previously spoken about retaining customers, with balances in current accounts rising 12 per cent in 2013.

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