2 weeks Ago
It's estimated that around one million people have switched their current account 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 2025 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. Want to do a bank switch to get free £150+ do it ASAP. It's likely three of the five will be gone by this time next week.
I go through it near the top of the pod...
https://t.co/PA2MXuiUAP — Martin Lewis (@MartinSLewis) December 6, 2024 Since the service launched in 2013, it has facilitated more than 11.6 million switches and redirected more than 163.
6 million payments. Charlie Evans, Money Expert at Compare the Market, said :“The latest current account switching figures show a decline in people moving banks in the first three months of the year compared to the end of 2024. However, rising household bills in April may encourage people to switch in the coming months.
“The current account market is extremely competitive, with accounts offering a variety of benefits. Shopping around for a better deal can help you make the most of these offers. "The data shows that Nationwide and Lloyds Bank were the top choices for current account switching at the end of last year.
Both offered switching bonuses of more than £175, however these deals have now ended. "You’ll be able to find a number of deals to compare through Compare the Market, including First Direct’s 1st Account offer of £175 when you switch your existing bank account.” Recommended reading: Martin Lewis: Biggest factor to change mortgage rates Nationwide account that'll pay you £175 to switch this month DWP State Pension age will have to rise to 71 says report 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 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.”.
