Current Account Switch Service records over one million switches in 2025

Q4 was the busiest quarter of 2025, with the Service recording 350,114 switches

• Current Account Switch Service has now recorded 12.4 million switches since its launch 12 years ago

• October was the busiest month for switching this year (128,199 switches), while over the past 12 months the service recorded 1.054m switches – the third consecutive year over one million.

• Nationwide (41,450), Monzo (9,934) and NatWest (8,731) achieved the highest net switching gains between July and September 2025

29th January 2026: The Current Account Switch Service today publishes its Q4 2025 Dashboard, reporting over one million switches across 2025.

In 2025, October reported the highest switching volumes for any month with 128,199, followed by November (124,650), and December (97,265). This resulted in the highest quarterly switching record for the year, with 350,114 switches total. 

End-user data, reported three months in arrears, revealed that Nationwide had the highest net switching gains, recording 41,450 switches between July and September 2025. This was followed by Monzo (9,934) and NatWest (8,731).

The Service has now facilitated 1,054,521 switches in the last 12 months, the third consecutive year it has surpassed one million switches.  It also averaged a seven-day switch completion rate of 99.2% in Q4 2025 and public awareness levels were 77%. An overwhelming majority (93%) of switchers who used the Service in the last three years said they were satisfied with the process, and 91% would recommend it.

Of those who switched in Q3 2025, a vast majority (72%) 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 (36%), interest earned (34%), spending benefits (28%), and attached benefits or features (28%). 

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

“Reaching nearly 12 and a half million switches since launch is a significant milestone, and it’s encouraging to see switching volumes remain strong – with October and Q4 the busiest month and quarter of 2025, respectively. That level of activity is a clear sign of a healthy, competitive banking market, where people feel empowered to shop around and move to an account that better meets their needs.” 

“What’s equally important is that people continue to rate the experience highly. With satisfaction and recommendation levels remaining consistently high, the Service is proving it can deliver fast, reliable switching at scale. At a time when every pound matters, we want consumers to feel confident they can move their money to an account that better suits their needs – quickly, easily, and with the reassurance of a free, guaranteed switch.”