Monzo experienced the highest net current account switch gains for SMEs and charities last year, according to the latest data from the Current Account Switch Service (CASS).

In 2024, Monzo had 3,957 organisations switch their current accounts to the digital bank.

Lloyds Bank came in second place, with 1,251 switching to the incumbent, while NatWest was in third with 856 gains.

Barclays bank saw the most losses, with 2276 businesses choosing to switch their current accounts to alternative financial institutions. HSBC closely followed with 2208 losses.

A total of 21,578 switches were recorded across the 43 banks partnered with the Service.

The figures come after research from the CASS found that nearly three quarters – 73 per cent – of UK SMEs would consider switching their business bank account if a better fit were available.

The research also revealed that digital features like mobile banking – 54% – and accounting software integration – 65 per cent – rank high in what SMEs value most in a business current account.

Many also value fee-free banking – 44 per cent – and strong customer service – 37 per cent – highlighting the need for both technology and tailored support.

Commenting on the data, John Dentry, Product Owner at the Current Account Switch Service, said:

“The SME and charity market continues to see active levels of switching," said John Dentry, product owner, CASS. "With incumbents rolling out new products and bespoke packages, and new challengers entering the market hoping to shake up the SME and charity finance space, we don’t expect this to slow down anytime soon.

"As the backbone of the British economy, this market represents a major opportunity for Banks who are able to capitalise."

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