A significant surge in Britons switching their current accounts occurred during the summer months, with the period between July and September marking the busiest quarter for such moves since 2023. Data from the Current Account Switch Service (CASS) reveals 411,384 completed switches, representing a 55% annual increase.
September alone recorded the highest monthly number of switches since November 2022, with 152,299 individuals changing banks. Nationwide emerged as the most popular destination for these switchers, followed by Barclays, NatWest, and Monzo. It is important to note that CASS data on provider choices lags by three months, meaning the figures for July to September reflect customer movements from April to June.
"It's positive to see that thousands of consumers are continuing to switch banking providers in order to find a partner that provides the right mix of benefits, ease of use and customer service which suits their financial needs," said John Dentry, of Pay.UK, the operator of CASS.
The CASS service, which handles the transfer of direct debits and payment redirection, maintained a high level of customer satisfaction, with nine in ten switchers reporting satisfaction with the process during the third quarter. The service successfully completed 99% of switches within the stipulated seven working days.
Several factors likely contributed to the high volume of switches. Banks and building societies have continued to offer substantial financial incentives. For example, HSBC offered a £220 switch deal, while First Direct increased its offer from £175 to £200 and subsequently to £210 for switches made before December 2. Barclays is currently offering up to £300, structured as an initial payment and subsequent monthly installments for meeting spending criteria. Santander provides a £240 bonus for those who switch and save £200 in their regular savings account. Lloyds and NatWest are offering £200 each, and Nationwide offers £175, with the potential for a future 'Fairer Share' payment similar to the £100 distributed in June 2026.
While financial incentives are a strong draw, CASS advises consumers to consider factors beyond the initial bonus. The most commonly cited reasons for choosing a new account, apart from the cash offer, include online or mobile app banking capabilities, customer service, interest rates, spending benefits, and account fees. Consumers are encouraged to research thoroughly to find a provider that aligns with their overall financial needs.