Martin Lewis advises on savings accounts for deposits
Make the most of your money by signing up to our newsletter for FREE now
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The Current Account Switching Service released its latest data today which showed only seven banks made gains in Q1 2021. The data also highlighted what is important to savers at the moment and financial concerns are not ranking highly.
Triodos Bank, who placed second in the ranking, examined the data and noted the top banks with the highest ratio of customer gains per loss were those that have an ethical focus.
This, it argued, showed consumers are increasingly looking for their bank to align with their values.
Additionally, it was noted the main reasons given for switching were “non-financial”.
Triodos specifically had the lowest number of customer losses of any UK bank in Q1 2021.
Starling Bank has taken the top spot (Image: GETTY)
The seven banks to see gains in Q1 were as follows:
- Starling Bank Ltd – net gains: 17,769, gains per loss ratio: 17.08
- Triodos Bank – net gains: 1,133, gains per loss ratio: 15.71
- Virgin Money – net gains: 17,495, gains per loss ratio: 5.25
- Monzo Bank Limited – net gains: 7,744, gains per loss ratio: 3.83
- Bank of Scotland – net gains: 1,448, gains per loss ratio: 1.95
- Nationwide – net gains: 1,474, gains per loss ratio: 1.17
- Lloyds Bank – net gains: 1,002, gains per loss ratio: 1.12
Savings rate rises have ‘started to slow’ as savers abandon NS&I [EXPERT]
Tesco Bank raise interest rates across savings accounts and ISA range [INSIGHT]
Pension warning: Over 50s have less than £100 in savings [WARNING]
Gareth Griffiths, the head of retail banking at Triodos Bank UK, commented: “It’s great to see banks that challenge the status quo leading on customer gains versus those lost.
“At Triodos, we continue to grow steadily, and these figures show that we are a top pick for sustainable current accounts. Once again, we have the lowest numbers of customers leaving of any major bank, just as we did every single quarter last year, testament to our focus on good customer service and building our community.
“As we approach COP26, people are becoming ever more aware of the power of financial institutions to affect change.
“Throughout the pandemic, switchers have cited non-financial reasons as their main driver behind changing account provider.
ISA deals have also been impacted by coronavirus (Image: EXPRESS)
“Let’s remember that the value of an interest rate or cash bonus may mask that it is being paid for by financing fossil fuels, arms or tobacco companies that undermine the fair and sustainable future that people are looking for.
“Banks need to match their customers’ ambition and create offerings that align with both their customers’ needs and values.”
Starling Bank, which took the top spot, also responded to the results.
Anne Boden, Starling Bank’s CEO, said: “Starling is once again the most popular bank for switches, despite offering no signing-on bonuses.
“Customers are attracted to the value Starling brings through its banking app, which allows them to track spending in real-time and do their banking on the go, and our better customer service. In a few short years, we’ve become a trusted mainstream bank”
As it stands, Starling Bank offers the current rates on the following accounts:
- All GBP Personal and GBP Joint Current Accounts – 0.05 percent AER on positive balances up to £85,000
- All Euro Personal Current Accounts – No credit interest on positive balances up to or equal to €50,000, -0.5 percent AER on positive balances above €50,000
- All GBP Business Current Accounts and GBP Sole Trader Current Accounts – No interest is payable on positive balances on Business Current Accounts or Sole Trader Current Accounts.
- All Euro Business Current Accounts and Euro Sole Trader Current Accounts – No credit interest on positive balances up to or equal to €50,000, -0.5 percent AER on positive balances above €50,000
- All US Dollar (“USD”) Business Current Accounts – No interest is payable on positive balances on USD Business Current Accounts.