The banks with the most people switching to them at the end of last year have been revealed. Nationwide had the highest net gains with 51,254 switches, followed by Lloyds Bank (50,061), NatWest (7,279) and the Co-operative Bank (3,812).
Nationwide and Lloyds Bank had offered cash switching incentives of £175 and £200 respectively, during the final quarter of last year. These latest figures from the Current Account Switch Service (CASS) cover from October 1 to December 31, 2024.
CASS is an online service that handles the entire bank switch process, including moving payments across to your new account and handling the closure of your old account. A total of 222,805 current account switches were completed between January and March this year by customers using CASS, down from the 320,364 switches recorded in the same period a year earlier.
WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. If you’re curious, you can read our Privacy Notice.
NEWSLETTER: Or sign up to the Mirror’s Money newsletter here for all the best advice and shopping deals straight to your inbox.
Some 1,093,117 current account switches were made in total between April 1, 2024 and March 31, 2025. This does not include customers who did not use CASS to move their current account. 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).
CASS said customers claim digital functionality and account benefits are the biggest reasons for switching. Online or mobile app banking is the top reason for preferring a new account, followed by interest earned, customer service and spending benefits. CASS has facilitated more than 11.6 million switches and redirected more than 163.6 million payments.
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.”
Alastair Douglas, chief executive of TotallyMoney, said: “Today’s figures highlight that while current account switching remains popular, it’s driven by the sign-up bonuses on offer. The biggest winners late last autumn were Nationwide and Lloyds, who were paying customers £175 and £200 to switch, plus extras such as high savings rates, cashback, and other perks.
“And while NatWest was offering up to £180, there were numerous hoops to jump through, and the account carried a monthly fee. The offer was also open to existing NatWest customers, which could be why we saw a high number of people switching from NatWest current accounts, and why net gains were relatively low.
“Loyalty doesn’t pay, but switching banks can. So, if you’re looking to bag a bonus now, First Direct is offering £175, and NatWest £150 — but you will have to tick a few boxes before they hand over the cash. So 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.
“Just don’t be put off, because switching is easy, and data shows that 9 in 10 people are happy with the process. That’s because the Current Account Switch Service will automatically transfer Direct Debits and regular income to your new provider within seven days.”
Here are the net switching gains or losses made between October 1 and December 31, 2024. The figures include people, small businesses and small charities that have switched using CASS.
At Reach and across our entities we and our partners use information collected through cookies and other identifiers from your device to improve experience on our site, analyse how it is used and to show personalised advertising. You can opt out of the sale or sharing of your data, at any time clicking the “Do Not Sell or Share my Data” button at the bottom of the webpage. Please note that your preferences are browser specific. Use of our website and any of our services represents your acceptance of the use of cookies and consent to the practices described in our Privacy Notice and Cookie Notice.
