June sets 2025 record for current account switching

• The Current Account Switch Service has reported 88,146 switches in June – the busiest month in 2025 so far
• A total of 216,519 switches occurred across Q2 2025, with nearly one million completed in the past 12 months
• Nationwide, Monzo, and HSBC achieved the highest net gains between January and March 2025

The Current Account Switch Service today publishes its Q2 2025 Dashboard, reporting 216,519 completed switches between April and June 2025.

June was a record month in 2025 so far with 88,146 switches processed through the Service. This was followed by 80,590 in April and 47,783 in May. The Service has now facilitated 996,344 switches in the past 12 months.

End user data, reported three months in arrears, revealed that Nationwide had the highest net switching gains between January and March 2025, with 55,578. This was followed by Monzo Bank (8,850) and HSBC (5,621). Monzo Bank is the first neobank to feature in the top three switching gains since 2022.

Since the Service launched in 2013, it has now 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 and 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.

Access to online or mobile app-based banking was the most frequently cited reason for preferring a new account, mentioned by 47% of respondents. This was followed by interest earned (37%), customer service (31%), spending benefits (24%), and account fees or charges (24%).

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

“The fact that the top three spots are occupied by a legacy bank, long-standing building society, and a neobank, shows the depth and diversity of the UK banking system.

“With nearly a million switches in the past 12 months, the Current Account Switch Service continues to play a key role in facilitating a healthy and competitive banking market. I look forward to seeing how the landscape evolves across the latter half of this year.”

Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.47), and includes the latest customer movement data for Q2 2025,  click here