The Bank has seen a 65 per cent increase in customers transferring their account to The Co-operative Bank during 2008. Such growth is rare in the traditionally stagnant switching market and in the past this kind of increase has only been achieved by spending vast sums on marketing or attractive incentives.
John Barker, Head of Current Accounts, said: "It was often said that people were more likely to get divorced then change bank accounts, but it appears this consumer apathy is a thing of the past thanks to the financial crisis.
"Our financial strength and the responsible approach we have historically taken is in managing our customers' money is helping to build consumer confidence in our brand during these uncertain times."
The figures include:
61% per cent increase in customers switching in from the 'big 4' during the last four months, compared to earlier in the year.
The big losers in customers switching to The Co-operative Bank are, Alliance & Leicester (163 per cent increase), RBS (117 per cent increase) and Halifax (96 per cent increase).
Accounts switched in from all the major current account providers are up 65 per cent overall.
The Bank has also seen similar growth in retail savings, which lifted 40 per cent during the 12 months to 31 October 08.
The uplift began to occur at the same time as when Lehman Brothers collapsed, widely regarded as the period when many UK banks hit serious funding problems.
Percentage increase of switching in from major current account providers
Alliance & Leicester 163 per cent
RBS 117 per cent
Halifax 96 per cent
Barclays 73 per cent
HSBC 66 per cent
Nat West 51 per cent
Lloyds 51 per cent
Nationwide 33 per cent
Abbey 5 per cent
Based on four months from August to November 2008, when compared to four months from January to April 2008.
