Nationwide Emerges as Clear Winner in Current Account Switching Race
New data reveals that Nationwide Building Society has attracted the most new customers through current account switches, solidifying its position as a leader in the competitive banking market. According to the latest figures from the Current Account Switch Service (CASS), Nationwide gained 41,450 customers between July and September, largely thanks to its enticing £175 switching offer and annual £100 bonus payments under its profit-sharing scheme.
Banking Switches Surpass One Million for Third Consecutive Year
The overall number of current account switches in 2025 exceeded one million for the third year running, with a total of 1,054,521 moves recorded. The final quarter of the year proved to be the busiest, witnessing 350,114 switches. However, this volume represents a slight decline compared to the peaks seen in 2023 and 2024, when higher interest rates were significantly boosting savings rates and driving more aggressive customer movement.
Following Nationwide, digital bank Monzo and high-street stalwart NatWest also performed strongly, adding 9,934 and 8,731 new customers respectively. On the flip side, Santander experienced a substantial loss, shedding almost 20,000 current accounts during the same period. Halifax saw 17,341 customers depart, and JP Morgan’s Chase lost 7,623 accounts.
Industry Experts Highlight a Healthy and Competitive Market
John Dentry, product manager at Pay.UK, which operates the CASS, commented on the trends, stating: “That level of activity is a clear sign of a healthy, competitive banking market, where people feel empowered to shop around and move to an account that better meets their needs.” He emphasised the importance of consumer confidence in making financial decisions, especially during times of economic pressure, noting that the service ensures switches are quick, easy, and guaranteed.
This surge in switching activity underscores a broader shift in consumer behaviour, with individuals increasingly seeking better value and perks from their banking providers. The data suggests that cash incentives and loyalty bonuses, such as those offered by Nationwide, are powerful drivers in attracting new business.
Other Key Financial Updates from the Day
In related money news, several other significant developments were reported:
- Water Bill Hikes: Millions of households across England and Wales are set to face inflation-busting water bill increases from April, with average rises of 5.4% and some companies imposing hikes as high as 13%. This follows previous increases and is part of long-term investment plans for infrastructure.
- Car Production Slump: British car manufacturing hit a 70-year low in 2025, with only 717,371 vehicles produced—an 8% year-on-year decrease. Factors contributing to this decline include import tariffs and a major cyber attack on Jaguar Land Rover.
- Retail Struggles: High street retailer GAME is on the brink of collapse for the second time, having filed a notice of intention to appoint administrators. This move could lead to significant store closures and job losses, echoing its 2012 administration.
- Airline Bookings: Budget airline easyJet reported its best-ever start to summer bookings, with over a fifth of peak season flights already sold. Despite this positive news, the airline also announced increased losses, partly due to expansion costs in Italy.
- Jobs Market: A new study indicates that a major rebound in the jobs market remains “a way off,” with employer confidence waning. However, there are optimistic signs for jobseekers, as firms express high expectations for recruitment in the coming year.
These updates highlight the dynamic and often challenging landscape of the UK’s financial and economic sectors, with consumers and businesses alike navigating a complex environment of opportunities and pressures.
