Current account switching levels jumped by 43% annually in the first quarter of 2026, according to a service set up to take the hassle out of moving banks.
Some 319,529 current account switches were recorded over the three-month period, marking a 43% increase compared with 222,805 switches recorded in the first quarter of 2025.
The flurry of switches was driven by a busy February and March, with January being quieter, in line with long-term trends, according to the figures from the Current Account Switch Service (Cass).
John Dentry, product manager at Pay.UK, owner and operator of Cass, said: “It has been an economically turbulent year so far and we anticipate high levels of activity to continue as interest rates creep back up.
“Higher savings rates are a key driver of consumer movement and if previous offers are brought back to the market, we would expect a flurry of activity to follow.
“As families navigate fluctuating inflation and a higher cost of living, a strong and well-suited bank account can be a real difference-maker for building financial confidence and economic resilience.
“We’re pleased to see so many people take advantage of the free, quick and easy process of switching accounts to ensure they’re with a bank that suits their needs.”
Figures released voluntarily by banks and building societies, covering the period from October and December 2025, showed Nationwide Building Society secured the highest net switching gains among people using Cass to move their accounts, recording 64,527 switches. This was followed by Barclays (18,534) and Lloyds (12,073).
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The service automatically moves payments over to the new account and a guarantee means that people should not be left out of pocket if something goes wrong with the switch.
Cass’s figures only capture account switches made using its service.
Here are the net switching gains or losses made by account providers from switches completed between October 1 and December 31 2025 from customers using Cass to switch their account. The figures do not include switches made outside Cass:
AIB Group (UK), minus 361
Bank of Ireland, minus 418
Bank of Scotland, minus 3,420
Barclays, 18,534
Co-operative (includes Smile brand switches), 253
Danske, 88
Halifax, minus 25,629
HSBC (includes First Direct brand switches), minus 20,818
JP Morgan CHASE, minus 13,886
Lloyds Bank, 12,073
Monzo, 9,074
Nationwide, 64,527
NatWest, 1,188
RBS (includes Coutts and Isle of Man brand switches), minus 801
Santander, minus 23,795
Starling Bank, minus 4,299
Triodos Bank, 69
TSB, 172
Ulster Bank, minus 642
Virgin Money, minus 6,117