Current Account Switch Service surpasses 12 million switches

The Service recorded the busiest quarter so far this year with 265,083 switches in Q3 2025

• Current Account Switch Service has now recorded 12.1 million switches since its launch 12 years ago

• Nationwide (54,347), Co-operative Bank (9,175), Monzo (8,246) and HSBC (8,219) achieved the highest net switching gains between April and June 2025

• July was the busiest month for switching so far this year with 111,244 switches

London, 30 October 2025: The Current Account Switch Service today publishes its Q3 2025 Dashboard, reporting a landmark milestone of 12.1 million switches since its launch 12 years ago.

In 2025, July saw the highest switching volumes of any month this year with 111,244 switches, followed by August (78,669) and September (75,170). This figure drove the quarter to the highest quarterly record in 2025, with 265,083 total switches.

Customer data, reported three months in arrears, revealed that Nationwide had the highest net switching gains, recording 54,347 switches between April and June 2025. This was followed by Co-operative Bank (9,175), Monzo (8,246) and HSBC (8,219).

The Service has now facilitated 1,013,698 million switches in the last 12 months, 704,407 of which occurred in 2025. It also averaged a seven-day switch completion rate of 99.5% in Q3 2025 and public awareness levels were 78%. An overwhelming majority (91%) of switchers who used the Service in the last three months said they were satisfied with the process, and 89% would recommend it.

Of those who switched in Q3 2025, a vast majority (69%) said they preferred their new account, and only 2% said that it was worse. Online or mobile app banking (44%) remains the top reason why consumers preferred their new accounts, followed by customer service (35%), interest earned (33%), location of branches (26%), and spending benefits (25%).

John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said:

“We’re immensely proud to have facilitated over one million switches per year since our launch. High satisfaction and confidence ratings from switchers show that despite high volumes over a long period of time, we’re still providing a consistently high-quality service to the UK banking market.

“Especially 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. The Service is here to provide an easy, free, and guaranteed switching experience, no matter your age, location, or economic circumstance.”