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Nationwide Building Society has seen more than 54,000 customers switch to its current account during the first quarter of 2025. This is in part thanks to the building society's £175 switching bonus. Tom Riley, Director of Group Retail Products at Nationwide Building Society, said: “It's never been more rewarding to be a Nationwide member and that’s why we want to help more people benefit by offering this switching offer!” Read more: Mapped - all the banks closing in November including Lloyds, NatWest, Halifax, Santander, Barclays They are not alone, as more than a million current account switches have been made over the past year. According to data from the Current Account Switch Service (Cass), recent months saw the busiest quarter of activity, with about 265,100 taking place between July and September. More than 111,000 took place in July alone, with Co-op Bank, Monzo and HSBC seeing almost 9,200 and around 8,200 new customers, respectively. On the flipside, some banks have seen customers leave, with Santander losing some 23,000 accounts during the quarter. Barclays and Halifax also saw losses to the tune of 18,300 and 14,750 switches, respectively. John Dentry, product owner at Pay.UK – owner and operator of Cass, said: “We’re immensely proud to have facilitated over one million switches per year since our launch. “Especially in a time where personal finances are tighter than ever, maintaining a healthy and agile banking market is crucial.” Alastair Douglas, TotallyMoney CEO, said: "The latest current account figures show Nationwide remains the dominant player in the switching market and gained more than 54,000 new customers, largely driven by its simple £200 switch incentive. "The bank’s Fairer Share scheme – which rewarded more than 4 million members with a £100 loyalty payment – might also be the reason why Nationwide is winning and retaining so many customers. “Other winners included Co-Operative Bank (up 9,175) – who had their best quarterly performance with their £175 offer – Monzo (up 8,246) and HSBC (up 8,219). "On the other hand, Santander lost a net 23,000 customers, Barclays 18,000, and Halifax 15,000. "These moves were largely driven by the cash bonus offered by each bank, but Monzo is taking a different acquisition approach, paying customers up to £50 to refer a friend – and it’s clearly working. “In total, the Current Account Switch Service has completed more than 12 million switches, with 99.5% take place in just seven working days, with all incoming and outgoing payments redirected, including Direct Debits, standing orders, and your salary. “Remember that loyalty doesn’t pay – but right now, six banks will give you cash for your current account."
