Millions switched current accounts last year as bank with most switchers revealed

Over one million current account switches have been made in the past year, according to the service which was set up to streamline the transition from one bank to another.

There were 1.09 million current account switches made between 1 April 2024 and 31 March 2025 by customers using the Current Account Switch Service (Cass), it has revealed.

Figures provided voluntarily by banks and building societies also show that Nationwide Building Society, Lloyds Bank, NatWest and the Co-operative Bank achieved the highest net switching gains between October and December 2024.

Nationwide had the highest net switching gains with 51,254 over the period, followed by Lloyds Bank (50,061), NatWest (7,279) and the Co-operative Bank (3,812).

Early in 2025, the number of current account switches completed through Cass slowed down from the year before, down to 222,805 from 320,364 for January to March. This is likely reflective of the fewer ‘switching bonus’ deals on the market at the time.

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March was the busiest month of the year so far for switching, with 79,680 switches, followed by February (76,007) and January (67,119).

The figures do not include customers who did not use Cass to move their current account.

The service said customers have continued to highlight digital functionality and account benefits as key reasons for switching. Online or mobile app banking is the top reason for preferring a new account, its research indicates, followed by interest earned, customer service and spending benefits.

The service automatically moves payments over to the new account and has a guarantee so that customers are not left out of pocket if anything goes wrong with the switch.

Since the service launched in 2013, it has facilitated more than 11.6 million switches and redirected more than 163.6 million payments.

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John Dentry, product owner at Pay.UK, owner and operator of Cass, said: “The past quarter has provided a turbulent economic backdrop, no doubt encouraging increasingly money-conscious consumers to take action. By taking advantage of the competitive and dynamic banking market, they have been able to capitalise on more competitive rates, incentives, or improved features.”

Andrew Hagger, a personal finance expert from website MoneyComms, said both Nationwide and Lloyds Bank had offered cash switching incentives during the final quarter of last year.

He added: “It’s an expensive way to acquire new customers, particularly when some account holders will simply up sticks and leave within a few months, hell bent on chasing the next big cash freebie.”

Alastair Douglas, chief executive of TotallyMoney, suggested to those considering switching to a new current account, with various cash incentives available: “Read the small print before jumping in, and have a think about the bigger picture. Access to a physical branch might be important to you, or you might benefit most from an interest free overdraft or zero fees for foreign spending.”

A Nationwide spokesperson said: “Current account switching continues to be an extremely effective and simple way for people to change their banking relationship on a product which is so central to our day-to-day lives.”

Figures given by banks show the net switching gains or losses made by providers between October 1 and December 31 2024. The figures include people, small businesses and small charities that have switched using Cass and been covered by the switching guarantee and payment redirection services. The figures do not include switches made outside the service: