Starling becomes second most switched-to bank in UK

Starling Bank has the most switched-to digital-only bank and the second most switched-to bank in the final quarter of 2020.

CASS figures were just released, the figures are detailing which UK banks are having more customers switch to or from them.

A total amount of 137,976 switches were recorded during the first three months of 2021, 51,297  fewer than the 189,273 switches recorded in the final three months of 2020.

The total number of 7.2m of switches since the Current Account Switch Service was launched in 2013.

“Starling’s combination of a really user-friendly app, backed up with fantastic customer service, has brought thousands of switchers our way, rather than the offer of cash incentives or elaborate gifts. We intend to keep this focus on having the very best technology as our key differentiator,” said CEO and founder Anne Boden.

Gareth Griffiths, the head of retail banking at Triodos Bank UK, said: “Throughout the second half of 2020, Triodos had the highest ratio of any UK bank for customers opening current accounts compared to switching away.

Tony May, banking specialist at the personal finance comparison site, Finder.com: “The big losers in the final quarter of 2020 were Santander and TSB, with customers giving these brands the thumbs down following their decision to reduce or remove their previously popular interest-paying current accounts.”

Starling Bank also recently got an extension to previously oversubscribed Series D round by Goldman Sachs Growth Equity investing £50 million.

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