and there's one bank where people are are absolutely flying out the doors
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The number of current account holders ditching and switching their bank or building society has jumped to a two-year high, figures show.
During the first three months of 2018 more than 273,000 switches were recorded, according to payments body Bacs, which oversees the seven-day current account switch service.
“With current account offers of up to £200 to switch, 2018 started with some strong incentives from some of the leading high street banks. The latest current account switching stats from Bacs show more consumers are starting to take heed of these offers and the switching service," said Sally Francis, money expert at MoneySuperMarket.
Bacs said this was the highest quarterly total since the first quarter of 2016 and a 10% increase on the same period in 2017.
The recent high levels of switching are likely to have been driven by broader bank market activity, such as the advertising of switching incentives, supported by a high-profile advertising campaign launched in January, according to the report.
The banks with most people leaving Source: Mirror Money/BACS
“It could well be an indication that attitudes are changing for the better. People are realising that loyalty doesn’t pay and are taking action to move to better offers that give something back,” Francis said.
“Those looking to switch now could consider M&S Bank, which is offering £185 in vouchers if you switch and stay for a year, or First Direct, which has just launched a raft of new switching incentives, including a £150 Expedia voucher."
The report also showed the gains and losses made by banks and building societies from people using the current account switch service between July 1 and September 30 2017.
They show Halifax and Nationwide Building Society were particularly big winners during this period, making large net customer gains.
Tesco Bank also made net customer gains, as did TSB - which has apologised this week for IT issues which left online customers unable to access their money and some able to see other people's accounts.
The banks gaining the most people Source: Mirror Money/BACS
The figures are provided voluntarily by banks and building societies and do not include switches made outside the scheme, which was launched in 2013 to make it easier for people, small businesses and small charities to move providers.
This week has also seen competition stepped up further in the current account market, with First Direct launching a range of new freebies for customers to switch.
Bacs said more than 4.7 million successful switches have taken place since the service launched in 2013.