Latest knowledge reveals that Nationwide Constructing Society supplied a £175 switching bonus to greater than 40,000 members inside simply two months. Present account switches surpassed a million for the third straight 12 months, pushed by shoppers attempting to find superior offers late in 2025.
Nationwide Tops Switching Features
Nationwide attracted 41,450 clients from July to September, drawing savers with its £175 incentive and ongoing profit-sharing funds. The fourth quarter of 2025 marked the height exercise, with 350,114 switches recorded by way of the Present Account Swap Service (CASS). This service automates transfers by redirecting funds to new suppliers, although some switches happen exterior it, excluding them from totals.
Total, 2025 noticed 1,054,521 switches, persevering with the streak above a million however down from 2023 and 2024 peaks when greater rates of interest boosted financial savings choices. Charges have declined since August 2024.
Market Leaders and Laggards
Nationwide claimed probably the most switches within the July-September interval per CASS knowledge, launched with a three-month delay. Monzo and NatWest adopted with 9,934 and eight,731 positive factors, respectively.
Conversely, Santander misplaced almost 20,000 accounts, whereas Halifax and JP Morgan’s Chase shed 17,341 and seven,623, respectively.
Consultants Spotlight Competitors
John Dentry, product supervisor at Pay.UK, which runs CASS, said: “That stage of exercise is a transparent signal of a wholesome, aggressive banking market, the place individuals really feel empowered to buy round and transfer to an account that higher meets their wants. At a time when each pound issues, we wish shoppers to really feel assured they’ll transfer their cash to an account that higher fits their wants – shortly, simply, and with the reassurance of a free, assured swap.”
Andrew Hagger, private finance knowledgeable at Moneycomms, famous Nationwide stands “head and shoulders above each different supplier” in buyer positive factors, including it secured 404,207 switches from rivals over the previous two years.
Alastair Douglas, chief govt of TotallyMoney, identified switching “heated up” towards the tip of 2025. He added: “We’re unlikely to see issues decelerate any time quickly, as a powerful seven banks are at the moment providing swap incentives of at the very least £175, together with Co-op, First Direct, HSBC Premier, Lloyds, Nationwide, Santander and TSB. You may also discover a new financial institution can offer you higher service, an interest-free overdraft or excessive avenue branches. Loyalty would not pay, however most of the time, shifting your cash can.”
