The banks everyone's ditching and where they're switching

New figures from payments service BACS show that there were 1.03 million current account switches using the Current Account Switch Service in 2015.

BACS has also provided banks and building societies' switching numbers between 1 April and 30 June last year.

The table below shows how many personal customers, small businesses and small charities have switched to and from banks and building societies using the switching service during this period.

Source: BACS

The winners

Out in front is Santander with a net gain of 66,145 customers in the second quarter of 2015. This success is most likely down to the bank's 123 Current Account. The account pays 3% interest on balances from £3,000 up to £20,000 and offers up to 3% cashback on certain direct debits paid out from the account.

At the time these figures were collected the account attracted a £2 monthly fee, but it now charges £5 a month, so it's definitely not the the obvious choice for many people it once was.

The next big winner is Halifax, which gained 34,363 customers between April and June 2015. People may be tempted by the bank's £100 switching bonus as well as the benefits of its Reward Account, which pays you £5 cashback every month that you pay in £750, stay in credit and pay out two different direct debits. You can also earn cashback on certain offers when you spend with your debit card.

Nationwide has a number of cracking current accounts too, which helps explain its position in third, gaining 2,356 customers. The accounts include the FlexDirect account, which pays a market leading 5% on balances up to £2,500 for 12 months, as long as you pay in £1,000 a month. It also offers new customers a fee-free overdraft for the first 12 months.

Tesco Bank was another winner with a modest 667 people switching to its Current Account. These people were probably attracted by the 3% interest paid on balances up to £3,000 and the ability to collect Clubcard points in and out of Tesco when spending on their debit card.

The losers

Barclays' was the biggest loser according to the figures. The bank lost 27,116 customers between April and June last year. This may go some way to explaining why it launched the Blue Rewards cashback scheme on its current accounts. This pays you up to £144 a year in cash rewards depending on how many products you have with the bank.

But it's a little surprising to see HSBC perform so poorly, if only because its figures include the wildly popular First Direct 1st Account. This account wins every customer service award going, offers a £250 fee free overdraft and pays you £125 just for signing up.

There's also another £100 satisfaction guarantee which it promises to pay if you choose to leave after six months but before 12 months is out. You need to pay in £1,000 a month or hold another First Direct product in order to avoid the £10 monthly fee (though it's fee free for the first six months anyway).

Havng said that, HSBC's own customer service isn't highly rated and its accounts certainly weren't anything to get excited about last year, although you can currently earn £120 for switching to one of its three bank accounts.

It's also interesting that TSB lost customers, as its Classic Plus account pays a whopping 5% interest on balances up to £2,000. What's more that rate doesn't drop away after a year. All you have to do is pay in £500 a month, and register for internet banking and paperless statements.

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