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

Over a million current account switches have been made up to now yr, in keeping with the service which was set as much as streamline the transition from one financial institution to a different.

There have been 1.09 million present account switches made between 1 April 2024 and 31 March 2025 by prospects utilizing the Present Account Change Service (Cass), it has revealed.

Figures supplied voluntarily by banks and constructing societies additionally present that Nationwide Constructing Society, Lloyds Financial institution, NatWest and the Co-operative Financial institution achieved the very best internet switching positive factors between October and December 2024.

Nationwide had the very best internet switching positive factors with 51,254 over the interval, adopted by Lloyds Financial institution (50,061), NatWest (7,279) and the Co-operative Financial institution (3,812).

Early in 2025, the variety of present account switches accomplished by way of Cass slowed down from the yr earlier than, all the way down to 222,805 from 320,364 for January to March. That is seemingly reflective of the less ‘switching bonus’ offers available on the market on the time.

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

The figures don’t embrace prospects who didn’t use Cass to maneuver their present account.

The service stated prospects have continued to focus on digital performance and account advantages as key causes for switching. On-line or cell app banking is the highest motive for preferring a brand new account, its analysis signifies, adopted by curiosity earned, customer support and spending advantages.

The service routinely strikes funds over to the brand new account and has a assure in order that prospects usually are not not noted of pocket if something goes improper with the change.

Because the service launched in 2013, it has facilitated greater than 11.6 million switches and redirected greater than 163.6 million funds.

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John Dentry, product proprietor at Pay.UK, proprietor and operator of Cass, stated: “The previous quarter has supplied a turbulent financial backdrop, little question encouraging more and more money-conscious customers to take motion. By making the most of the aggressive and dynamic banking market, they’ve been capable of capitalise on extra aggressive charges, incentives, or improved options.”

Andrew Hagger, a personal finance skilled from web site MoneyComms, stated each Nationwide and Lloyds Financial institution had provided money switching incentives through the closing quarter of final yr.

He added: “It’s an costly approach to purchase new prospects, notably when some account holders will merely up sticks and depart inside a number of months, hell bent on chasing the subsequent large money freebie.”

Alastair Douglas, chief govt of TotallyMoney, urged to these contemplating switching to a brand new present account, with varied money incentives accessible: “Learn the small print earlier than leaping in, and have a take into consideration the larger image. Entry to a bodily department is perhaps vital to you, otherwise you may profit most from an curiosity free overdraft or zero charges for international spending.”

A Nationwide spokesperson stated: “Present account switching continues to be an especially efficient and easy manner for individuals to alter their banking relationship on a product which is so central to our day-to-day lives.”

Figures given by banks present the web switching positive factors or losses made by suppliers between October 1 and December 31 2024. The figures embrace individuals, small companies and small charities which have switched utilizing Cass and been lined by the switching assure and cost redirection companies. The figures don’t embrace switches made outdoors the service: