Unews World
June was the strongest month this year so far for current account customers moving to a new provider, according to a switching service.
Some 88,146 switches were processed through the Current Account Switch Service (Cass) in June, with 996,344 switches facilitated over the past 12 months.
The service recorded 216,519 switches completed between April and June 2025. This follows 222,805 switches in the first quarter of 2025.
The latest figures also indicate that Nationwide Building Society was the biggest “winner” from customers using the service between January and March 2025.
Figures provided voluntarily by banks and building societies showed that Nationwide made the highest switching gains among customers using Cass to move their account in the first quarter of this year.
Nationwide was followed by Monzo and HSBC UK.
Customers using Cass to switch their current account automatically have payments moved over to the new account and get the benefits of a guarantee that they will not be left out of pocket if anything goes wrong with the switch.
Some current account switches take place outside of Cass and the figures provided do not include those switches.
Andrew Hagger, a personal finance expert from Moneycomms.co.uk, said Nationwide had “outperformed its peers by a country mile”, adding: “It had a £175 switching incentive in place for the whole of the three months in question, which no doubt helped boost recruitment, however the £100 annual fairer share payment is no doubt also having a positive impact on customer retention.”
Nationwide also has a “branch promise” and 5.7 million customers visited its branches last year – a 4% annual increase.
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Since the switching service launched in 2013, it has facilitated more than 11.9 million switches and redirected in excess of 166.8 million payments.
Cass said customer research indicates that access to online or mobile app-based banking is the most frequently cited reason for preferring a new account, followed by interest earned, customer service, spending benefits and account fees or charges.
John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The fact that the top three spots are occupied by a legacy bank, long-standing building society and a neobank shows the depth and diversity of the UK banking system.
“With nearly a million switches in the past 12 months, the Current Account Switch Service continues to play a key role in facilitating a healthy and competitive banking market. I look forward to seeing how the landscape evolves across the latter half of this year.”
Here are the net current account switching gains or losses made by banks and building societies between January 1 and March 31 2025 by customers using Cass. The figures do not include switches made outside Cass.
AIB Group UK (includes Allied Irish Bank brand switches), minus 414
Bank of Ireland, minus 311
Bank of Scotland, minus 1,850
Barclays, minus 22,334
Co-operative (includes the Smile brand switches), 1,022
Citibank UK, minus two
Danske, minus 187
Halifax, minus 15,707
HSBC (includes First Direct brand switches), 5,621
JP Morgan Chase, minus 4,059
Lloyds Bank, minus 4,710
Monzo, 8,850
Nationwide Building Society, 55,578
NatWest, minus 13,086
RBS (includes Coutts and Isle of Man brand switches), minus 3,627
Santander, 1,546
Starling Bank, minus 1,284
Triodos Bank, 33
TSB, 1,277
Ulster Bank, minus 487
Virgin Money, minus 3,353
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