More than one million Brits switched current accounts in 2025 after surge of customers chasing sign-up bonuses

Some 41,450 customers were drawn to Nationwide Building Society between July and September with the addition of its £175 switching offer and yearly payments as part of its profit-sharing scheme.

The final three months of 2025 was the busiest quarter, with 350,114 current account switches, according to data from the Current Account Switch Service (CASS).

The service allows people to switch their current account automatically by having payments moved over to a new provider.

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Some people move their money outside of CASS, and so the figures provided do not include those switches.

There were 1,054,521 in total over 2025 – the third year in a row that switches have topped one million.

However, it is lower than the volumes recorded in 2023 and 2024, when higher interest rates were driving up savings rates in the market.

Nationwide gained the highest number of customers switching to its current accounts between July and September, with CASS data reported three months in arrears.

It was followed by Monzo and NatWest who added 9,934 and 8,731 respectively. On the other end of the scale, customers were switching away from banks including Santander, which lost almost 20,000 current accounts during the period.

Also trailing behind were Halifax, with 17,341 switching away, and JP Morgan’s Chase, which lost 7,623 accounts.

John Dentry, product manager at Pay.UK, which operates CASS said: "That level of activity is a clear sign of a healthy, competitive banking market, where people feel empowered to shop around and move to an account that better meets their needs."

At a time when every pound matters, we want consumers to feel confident they can move their money to an account that better suits their needs – quickly, easily, and with the reassurance of a free, guaranteed switch."

Alastair Douglas, chief executive of TotallyMoney, said current account switching “heated up” towards the end of 2025.

He added: "We’re unlikely to see things slow down any time soon, as a magnificent seven banks are currently offering switch incentives of at least £175, including Co-op, First Direct, HSBC Premier, Lloyds, Nationwide, Santander and TSB.

"You might also find a new bank can provide you with better service, an interest-free overdraft or high street branches.

"Loyalty doesn’t pay, but more often than not, moving your money can."