UK households are rushing to close bank accounts and move their money to Nationwide, Barclays, and Lloyds, according to the latest Current Account Switch Service (CASS) data. Current account switching activity remains relentless, with 1.15 million CASS switches taking place in the last 12 months alone.
Nationwide Leads the Pack
Nationwide Building Society has emerged as the big winner in the latest bank account switching figures. The building society, which has branches in Birmingham, recorded 64,527 switches between October and December 2025. It was followed by Barclays with 18,534 switches and Lloyds with 12,073 switches. February was the busiest month for switching so far this year, with 120,020 switches, closely followed by March (107,282) and January (92,227).
Expert Analysis
Andrew Hagger, Personal Finance Expert from Moneycomms, commented: "Current account switching activity is relentless with 1.15 million CASS switches taking place in the last 12 months alone. The cost-of-living crisis means people are seeking out ways to manage their finances and switching incentives of £150 to £200 are quick wins and no doubt more appealing than ever."
He added: "Nationwide Building Society continues to dominate this space with a net gain of 64,527 customers from rival banks in the final quarter of 2025, way ahead of the next best performer, Barclays with 18,534. The UK’s biggest mutual is proving attractive to customers on three fronts: attractive switching incentives, fairer share payments for loyal customers, and a promise to keep all its 605 branches open until the first part of 2030 – a blueprint for success. This strategy has seen Nationwide attract almost 290 thousand (289,778) net new customers in just 18 months (CASS net new customers June 2024 to December 2025)."
Challenger Banks Struggle
In contrast, challenger banks have not fared as well. Monzo gained a modest 9,074 net new customers in Q4 2025, while Chase lost 13,866 and Starling lost 4,299 net customers to other providers.
Nationwide's Response
Tom Riley, Group Director of Retail Products at Nationwide, said: "The latest figures show Nationwide continues to be the most switched-to current account provider. Because we don’t have shareholders, we can give more back to our members. That’s why we’ve paid our £100 Fairer Share to eligible members for the last three years and hope to do so again this year."
Industry Perspective
John Dentry, Product Manager at Pay.UK, owner and operator of the Current Account Switch Service, noted: "It was yet another busy start to the year for the Service, which has once again demonstrated its critical function at the very core of the UK banking ecosystem. After a characteristically slower start in January, we saw a real boom in February and March as consumers set themselves up for the year ahead."
He continued: "It has been an economically turbulent year so far and we anticipate high levels of activity to continue as interest rates creep back up. Higher savings rates are a key driver of consumer movement and if previous offers are brought back to the market, we would expect a flurry of activity to follow. As families navigate fluctuating inflation and a higher cost of living, a strong and well-suited bank account can be a real difference-maker for building financial confidence and economic resilience. We’re pleased to see so many people take advantage of the free, quick and easy process of switching accounts to ensure they’re with a bank that suits their needs."
