Current account switching in the UK is running at its lowest level since 2022 with just 216,519 switches in the second quarter. This follows first quarter switches totalling 222,805, giving a total of 439,324 switches for the year to date.
Last year, the first two quarters resulted in switches totalling 633,657 and so H1 switches have dropped by 30.6% year-on-year.
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UK current account switching peaked in 2023
Account switching peaked in 2023 with 1,457,165 switches for the full calendar year. The number dipped to 1,190,676 in 2024, a fall of 18%.
Only once in the period between 2017 and 2022 have switches exceeded 1 million, with 1,002,029 switches in 2019. While switching is sharply down in H1, a better second half is in prospect with Barclays, TSB, Lloyds, Santander, NatWest and First Direct all currently offering switch incentives.
Nationwide: three successive quarters of most net gains
End user data on a brand-by-brand basis is reported three months in arrears. In the first quarter, Nationwide once again posted the highest net switching gains with 55,578. This was followed by Monzo Bank (8,850) and HSBC (5,621). Monzo is the first neobank to feature in the top three switching gains since 2022.
In the previous two sets of quarterly stats by brand, Nationwide was top for highest net switching gains for the periods covering the third and fourth quarters of 2024.
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By GlobalDataAt the other end of the table, Barclays reports the highest net losses with 22,234 for the three months to end March. In the prior quarter, Barclays was also bottom with 37,128 net losses.
Since the Service launched in September 2013 it has facilitated over 11.9 million switches and successfully redirected more than 166.8 million payments. The Service averaged a seven-day switch completion rate of 99.6% in Q2 2025. Public awareness levels remained high at 75%. 90% of customers who switched using the Service in the last three years said they were satisfied with the process, and 87% said they would recommend it.
