Overview
- Official CASS data show 1,013,697 switches over the past 12 months, with 265,083 in July to September making it the busiest quarter of 2025 and July alone accounting for more than 111,000 moves.
- Nationwide posted the largest net gain in the latest brand‑level quarter (April–June) with 54,347, while Co‑operative Bank (+9,175) and Monzo (+8,246) also advanced; Santander (−23,015), Barclays (−18,337) and Halifax (−17,752) recorded the biggest net outflows.
- Polling of recent switchers found 44% preferred their new account for online or mobile app banking, with customer service cited by 35% and interest earned by roughly a third.
- Banks are leaning on switching bonuses typically worth £150–£200, and Barclays is offering up to £900 when combining a current account switch with an ISA transfer, with current application deadlines on November 27 for the switch and November 28 for the ISA.
- Service reliability remains a factor, with Barclays and Santander suffering the largest losses after earlier outages disrupted customers, and Barclays estimating up to £7.5 million in related compensation.