More than one million current account switches have taken place in the past year, according to a service set up to take the hassle out of moving to a new provider.
Some 1,093,117 current account switches were made between April 1 2024 and March 31 2025, by customers using the Current Account Switch Service (Cass).
A total of 222,805 current account switches were completed between January and March this year by customers using the service, which was lower than 320,364 switches recorded in the same period a year earlier.
Figures provided voluntarily by banks and building societies also show that Nationwide Building Society, Lloyds Bank, NatWest and the Co-operative Bank achieved the highest net switching gains between October and December 2024.
Nationwide had the highest net switching gains with 51,254 over the period, followed by Lloyds Bank (50,061), NatWest (7,279) and the Co-operative Bank (3,812).
The figures do not include customers who did not use Cass to move their current account.
March was the busiest month of the year so far for switching, with 79,680 switches, followed by February (76,007) and January (67,119).
The service said customers have continued to highlight digital functionality and account benefits as key reasons for switching. Online or mobile app banking is the top reason for preferring a new account, its research indicates, followed by interest earned, customer service and spending benefits.
The service automatically moves payments over to the new account and has a guarantee so that customers are not left out of pocket if anything goes wrong with the switch.
Since the service launched in 2013, it has facilitated more than 11.6 million switches and redirected more than 163.6 million payments.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
ADVERTISEMENT
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
ADVERTISEMENT
John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The past quarter has provided a turbulent economic backdrop, no doubt encouraging increasingly money-conscious consumers to take action. By taking advantage of the competitive and dynamic banking market, they have been able to capitalise on more competitive rates, incentives, or improved features.”
Andrew Hagger, a personal finance expert from website MoneyComms, said both Nationwide and Lloyds Bank had offered cash switching incentives during the final quarter of last year.
He added: “It’s an expensive way to acquire new customers, particularly when some account holders will simply up sticks and leave within a few months, hell bent on chasing the next big cash freebie.”
Alastair Douglas, chief executive of TotallyMoney, suggested to those considering switching to a new current account, with various cash incentives available: “Read the small print before jumping in, and have a think about the bigger picture. Access to a physical branch might be important to you, or you might benefit most from an interest free overdraft or zero fees for foreign spending.”
A Nationwide spokesperson said: “Current account switching continues to be an extremely effective and simple way for people to change their banking relationship on a product which is so central to our day-to-day lives.”
Here are the net switching gains or losses made by providers between October 1 and December 31 2024. The figures include people, small businesses and small charities that have switched using Cass and been covered by the switching guarantee and payment redirection services. The figures do not include switches made outside the service:
AIB Group (UK), minus 463
Bank of Ireland, minus 357
Bank of Scotland, minus 2,176
Barclays, minus 37,128
The Co-operative Bank (includes Smile brand), 3,812
Danske, minus 431
Halifax, minus 20,508
HSBC UK (includes First Direct brand), minus 5,935
JP Morgan Chase, minus 7,352
Lloyds Bank, 50,061
Monzo, 1,678
Nationwide Building Society, 51,254
NatWest, 7,279
RBS (includes Coutts and Isle of Man brand), minus 5,765
Santander, minus 2,799
Starling Bank, minus 3,405
Triodos Bank, minus 23
TSB, minus 17,798
Ulster Bank, minus 780
Virgin Money, minus 4,809
