Overview
- About 265,100 current account switches were completed between July and September, with a record 111,244 in July, according to CASS/Pay.UK.
- Nationwide recorded the largest net gains in April–June with 54,347, buoyed by switching bonuses, Fairer Share loyalty payments and recent member distributions.
- Barclays and Santander saw the biggest net outflows in Q2, a trend linked in reporting to earlier outages; Barclays told MPs it expects up to £7.5m in compensation.
- CASS polling found 44% of recent switchers preferred their new account for better online or mobile banking, with customer service and interest rates also cited.
- Banks are countering churn with technology upgrades and offers, including NatWest’s work with OpenAI, Lloyds’ AI knowledge hub and a Barclays deal worth up to £900 for eligible switchers.