Is current account switching boom driven by cash carrots on offer from banks - or something else?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 31 January 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

More than a million people switched current account last year - the second time it has ticked over the 1m mark.

So, who is winning the switching battle and is it all driven by people chasing a quick and easy buck from banks?

Lee Boyce and Georgie Frost dive into the data and also look at why you might not be rich enough to bank with HSBC anymore... if you want its exclusive account.

The Government rules out forcing businesses to accept cash - is that a smart move?

Need help with your tax return? HMRC slammed for poor customer service record via the telephone, is all the criticism justified?

And your next car insurance quote might just be significantly lower... as Lee sees a huge drop with an auto-renewal that had him smiling from ear-to-ear.

Transcript

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0:00.0	Welcome to This Is Money podcast, sponsored by Charles Stanley Direct. I'm Georgie Frost and joining me today is Lee Boyce.
0:09.7	And coming up, over a million of us switched our bank accounts last year. But where did we all go?
0:16.4	Not HSBC. The bank, meanwhile, has announced that you now need to be even richer to qualify
0:22.2	for its exclusive current account. No riff-wrath here, please. Also today, the government
0:27.0	rules out forcing businesses to accept cash. Need help with your tax return. Tough. HMRC
0:33.3	stops picking up the phone as calls answered full by a half, but Lee has some good news
0:39.1	about car insurance. Don't forget you start up to date with all the latest breaking money
0:43.1	news just go to this ismoney.co.uk or download the app.
0:47.4	Take control of your finances with Charles Stanley Direct. Invest, save, coach or plan, using technology where it's helpful and people where it matters.
1:00.0	Our website and app make trading cost effective and flexible, but we're more than just an online investment service.
1:06.0	We're here for you regardless of your needs, or if your life takes an unexpected
1:11.5	term. Your finances, your way. Take control today with Charles Stanley Direct. Sign up now.
1:19.4	Investment involves risk. But first, for the second year in a row, over a million of us
1:24.5	switched our bank accounts last year. But where did we go?
1:28.3	Well, Nationwide had the highest net switching gains, followed by Barclays, TSP and Lloyds.
1:34.3	So, have we fallen out with the app-only based banks, or did we just follow the money, with the top four offering between 175 and £200 in switching bonuses.
1:46.4	Lee, as I said that, you nodded your head.
1:49.5	So I think I can guess what you think is behind these figures.
1:54.6	What do you make of them?
1:55.9	Tell us more about the winners and the losers as well.
1:59.5	Hey, George, I think a lot of people are chasing the money.
2:01.8	I think that's exactly what's going on.
	...

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