According to data published by the Current Account Switch Service, Monzo is growing faster than any other bank in the UK!
The data shows which banks people are leaving and joining. And when you compare the number of people joining and leaving this quarter, Monzo comes out on top.
About 13 people join Monzo for every one that leaves. And in the last three months, more than 14,000 people switched to Monzo through the Current Account Switch Service. That means we grew by more than 13,000 new customers overall 💛
Only seven banks including Monzo, Starling, Nationwide, NatWest and HSBC grew overall. While many others including RBS, Barclays and TSB saw more customers leaving than joining.
According to the Telegraph, in the past year Monzo along with Nationwide and Starling have consistently seen more people joining. While some banks including Barclays, Lloyds and RBS have repeatedly lost customers overall.
| Bank | Column | People joining vs people leaving |
|---|---|---|
| 1. | Monzo Bank Limited | 13.12 |
| 2. | Triodos Bank | 11.49 |
| 3. | Starling Bank Ltd | 8.95 |
| 4. | Nationwide | 2.79 |
| 5. | NatWest | 1.63 |
| 6. | HSBC | 1.5 |
| 7. | Ulster Bank | 1.39 |
| 8. | Bank of Scotland | -1.16 |
| 9. | Santander | -1.29 |
| 10. | Halifax | -1.7 |
| 11. | Lloyds Bank | -1.76 |
| 12. | Danske | -1.96 |
| 13. | Clydesdale Bank | -2.04 |
| 14. | TSB | -2.12 |
| 15. | Barclays | -2.15 |
| 16. | RBS | -2.36 |
| 17. | Low Volume Participants | -2.91 |
| 18. | Co-operative | -4.24 |
| 19. | Tesco Bank | -10.43 |
| 20. | AIB Group (UK) p.l.c. | -20.35 |
| 21. | Bank of Ireland | -40.59 |
The Current Account Switch Service makes it simple to switch bank accounts. It's supported by the government, completely free to use, and designed to eliminate all the admin and anxiety from switching bank accounts.
To join the 14,563 people who switched to Monzo in the last three months, download the app today! If you still need convincing, read these 11 reasons why you should definitely get Monzo.
A big thanks to all our customers, whether you've joined Monzo recently or been with us from the very start 🚀