Current Account Switch Service unveils SME and charity switching trends

• Over 21,500 SME and charity accounts were switched in 2024

• Monzo saw the highest net switching gains with 3,957 switches, followed by Lloyds (1,251) and NatWest (856)

• Research shows continued demand for digital tools, cost-effective banking, and relationship-led support among small business owners

London, 1 July 2025 – The Current Account Switch Service today announces switching trends for the SME and charity market in 2024.

A total of 21,578 switches were recorded across the 43 banks partnered with the Service. Monzo, Lloyds and NetWest saw the highest net switching gains, with 3,957, 1,251, and 856 respectively.

The announcement follows research from Current Account Switch Service which found that nearly three quarters (73%) of UK SMEs would consider switching their business bank account if a better fit were available.

While digital features such as mobile banking (54%) and accounting software integration (65%) rank high in what SMEs value most in a business current account, many also value fee-free banking (44%) and strong customer service (37%) – highlighting the need for both technology and tailored support.

Commenting on the data, John Dentry, Product Owner at the Current Account Switch Service, said:

“The SME and charity market continues to see active levels of switching. With incumbents rolling out new products and bespoke packages, and new challengers entering the market hoping to shake up the SME and charity finance space, we don’t expect this to slow down anytime soon. As the backbone of the British economy, this market represents a major opportunity for Banks who are able to capitalise.

“The switching data shows clear appetite among SMEs and charities to find banking solutions that better suit their needs. Across all banks, from legacy institutions to challengers and fintech’s, decision makers are actively seeking out a provider who can support them through turbulent economic times. The Current Account Switch Service will continue to support the UK’s SMEs and charities, ensuring a seamless transition to a new Bank, if they decide to make the switch.”