Nationwide Building Society Leads in Bank Account Switches
Nationwide Building Society has emerged as the top choice for customers looking to switch their bank accounts. Between April and June 2025, it attracted a significant number of account switchers, making it the most popular bank to switch to for the fourth consecutive quarter. The data reveals that during this period, the building society successfully poached 65,902 customers from other banks.
This impressive performance was contrasted with the number of customers who left Nationwide, which stood at just 11,555. In July, the mutual bank reached a milestone, with a net total of 1 million customers switching from rival banks to Nationwide.
The success of Nationwide’s switching strategy can be attributed to its generous incentives. The building society offered a £175 switching bonus in both March and September 2025, with the latter still ongoing. Additionally, it has provided a £100 Fairer Share payment to customers for three consecutive years. The latest payment was made in May 2025, and customers needed to have a Nationwide bank account active by January to qualify.
Andrew Hagger, founder of independent financial information website MoneyComms, commented on the effectiveness of these strategies. He stated, “The combination of switching bonuses and the Fairer Share loyalty payments appears to be a recipe for success.”
Record Number of Account Switches in 2025
Over the past 12 months, approximately 1 million bank account switches took place. Specifically, 704,407 switches occurred in 2025 alone. July 2025 marked a record month for bank account switches, with 111,244 switches processed, surpassing June’s previous record of 88,146.
Nationwide's closest competitor in the switching battle is Co-op, which saw a net gain of 9,175 switches between April and June 2025. Following closely behind is digital bank Monzo, which recorded net switching gains of 8,246 during the same period. This marks the second quarter in a row that Monzo has appeared in the top three for largest net switching gains.
In the quarter prior to that, between January and March 2025, Monzo gained 8,550 more customers than it lost. This was the first time a digital bank had entered the top three for switching gains.
Hagger added, “Monzo is leading the way for new banks—its refer a friend deal seems to be working and helping it to outperform rivals Starling and Chase.”
Other Banks and Their Performance
HSBC experienced a net loss of 8,291 switchers, while NatWest, TSB, Danske, and Triodos all managed to gain customers. Together, these banks saw a combined net gain of 5,681 customers.
On the flip side, Santander, Barclays, and Halifax were the biggest losers, with a net total of 23,015, 18,337, and 17,752 customers leaving, respectively.
John Dentry, of Pay.UK, which owns and operates the Current Account Switch Service (Cass), emphasized the importance of maintaining a healthy and agile banking market. He said, “In a time where personal finances are tighter than ever, maintaining a healthy and agile banking market is crucial. We encourage consumers to consider using our service, should they find a bank account that best suits their financial needs.”