Bacs has revealed its latest Current Account Switch Service (CASS) figures for 1st July to 30th September 2018.
The data revealed that Nationwide gained the most customers, with 40,656 people transferring to the building society, while 8,883 moved away (net gain: 31,773).
TSB recorded the largest net loss of 16,142.
A TSB spokesperson said: “Customers do not solely need to use the switching service, they can open a new bank account with us via our branch network or online.
“In reality, in the third quarter of 2018, approximately 22,000 customers opened a new bank account with us or switched their account to us.”
The mobile banks using the service witnessed a large proportion of people switching to their platforms as opposed to those moving away.
Some 5,588 new customers joined Monzo, compared with just 225 who moved away from the digital bank.
Elsewhere, Starling Bank gained 2,362 and lost only 246.
Anne Boden, CEO at Starling Bank CEO said: “It's great to see is the number of people embracing digital banks and the benefits they can offer in terms of speed and accessibility.
“In the last year, Starling has seen an increase of more than 600% in customers and we’re hoping to reach one million in 2019.”
Specialist bank Triodos had its data posted for the first time on the service and recorded a net gain of 284 customers.
Gareth Shaw, head of money at Which?, commented: “Our research has shown that fresh thinking and innovation from some of the challenger banks has shaken up the market and put them ahead of some of the biggest banking brands for customer satisfaction.
“After a turbulent year of IT meltdowns that caused inconvenience to millions of people, anyone feeling frustrated with their bank should consider switching as there has never been an easier time to move to a new provider.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
N26 officially launches in the US
N26 has officially launched in the USA after completing its two-month beta program...
An interview with Ed Siegel: Savers want ‘reassurance’ that their money is used to support positive social change
In an interview with Specialist Banking, Ed Siegel, chief executive at Charity Bank (pictured above), talks about the rising demand for ethical finance, and improving awareness of this particular sector...
Landlord confidence reaches seven-year low
Only 29% of landlords have positive expectations for their letting business over the next three months, according to recent research...
Shawbrook grows structured finance team
Shawbrook Bank has appointed Brook Kalkhoven (pictured above) as an associate director to its structured finance team...
OakNorth expands with new Manchester office
OakNorth has moved into a new office in Manchester at Ship Canal House...
What is a link mortgage?
Assume you have a high-net-worth (HNW) client who finds a new property they want to purchase before they have sold their main residence — what solution would you choose...
Shawbrook names new relationship director for London
Shawbrook Bank has appointed Adam Agius (pictured above) as its new relationship director for the London, Thames Valley and South region...
Wyelands Bank launches asset finance offering for renewables sector
Wyelands Bank has appointed Mark Turrell (pictured above) to its asset finance team as it launches its newly created offering for the renewables sector...
Leek United reveals mortgage rate reductions
Leek United has revealed rate reductions for two of its most popular mortgages...
Gravity selects Finastra to power banking and lending services
Gravity has selected Finastra’s Fusion Essence in the cloud solution for its end-to-end core banking capabilities...
An interview with Paul Stockwell: Islamic finance has ‘enormous opportunity’ for growth over coming years
In an interview with Specialist Banking, Paul Stockwell, chief commercial officer at Gatehouse Bank (pictured above), discusses increasing awareness of Islamic finance and opportunities in the banking world...