Nationwide most popular current account to switch to thanks to cash carrots and Fairer Share

Nationwide Building Society hoovered up 54,347 bank account switchers between April and June 2025, making it the most popular bank to switch to for the fourth quarter in a row. 

Over the three month period it poached 65,902 switchers from other banks, new data from the Current Account Switch Service shows. 

This was compared to just 11,555 bank account customers who moved away from Nationwide.

In July, Britain’s biggest mutual passed the milestone of a net 1million customers ditching a rival bank to switch current account to it. 

The switching drive in recent years has been driven by the building society’s generous cash bribes.

 Nationwide offered a £175 switching bonus for switchers in both March and September this year, the latter of which is still running. It has also given a £100 Fairer Share payment to customers for the past three years in a row. 

Switching rush: Nationwide hoovered up 54,000 more switching customers than it lost between April and June

The last payment was made in May 2025 and customers would have needed to have a Nationwide bank account up and running in January to receive it. 

Andrew Hagger, founder of independent information website MoneyComms says: ‘The combination of switching bonuses and the Fairer Share loyalty payments appears to be a recipe for success.’

Around 1million bank account switches took place in total in the past 12 months, with 704,407 occurring in 2025, figures from the Cass show.

July was a record month for bank switches in 2025 thus far, with 111,244 switches processed, overtaking June’s record of 88,146 switches processed.

Nationwide’s next closest rival in the switching battle, but still a long way off, is Co-op which has seen a net 9,175 switches between April and June 2025. 

It was followed by digital bank Monzo which had net switching gains of 8,246 between April and June 2025. This was the second quarter in a row that Monzo featured in the top three for largest net switching gains.

The quarter before that, between January and March, Monzo gained 8,550 more customers than it lost. This was the first time a digital bank was in the top three banks for switching gains.

Hagger added: ‘Monzo is leading the way for the new banks – its refer a friend deal seems to be working and helping it to outperform rivals Starling and Chase.’ 

HSBC saw 8,291 net switchers with NatWest, TSB, Danske and Triodos all gaining customers, albeit 5,681 between them. 

Santander, Barclays and Halifax were the big losers, with a net 23,015, 18,337 and 17,752 leaving using Cass.

John Dentry, of Pay.UK, which owns and operates the Cass, says: ‘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.’

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