Current Account Switch Service reports 39% year-on-year rise in H1 switching

608,528 switches were completed between January and June 2026, up from 439,324 in the first half of 2025

• 288,999 switches were completed between April and June 2026, with June the busiest month of the quarter at 116,345 switches, followed by April (89,908) and May (82,746)

• Nationwide (58,448), Lloyds Bank (24,349) and Monzo (21,894) recorded the highest net switching gains between January and March 2026

• More than 1.2 million switches have been completed in the past 12 months, bringing the total since launch to 12.9 million

30th July 2026: The Current Account Switch Service today publishes its Q2 2026 Dashboard, reporting 288,999 completed switches between April and June 2026. This brings total switching volumes for the first half of 2026 to 608,528, a 39% increase on the 439,324 switches recorded during the same period in 2025.

June was the busiest month of the quarter, with 116,345 switches completed, up 32% from 88,146 in June 2025. It was also the second-busiest month of 2026 so far, behind February which saw 120,020 switches. April and May recorded 89,908 and 82,746 switches respectively.

Participant data, reported three months in arrears, showed that Nationwide recorded the highest net switching gain between January and March 2026, at 58,448. This was followed by Lloyds Bank (24,349) and Monzo (21,894).

Small business and charity switching totalled 8,136 during Q2, up from 7,915 in the first quarter of the year. April was the busiest month for small business and charity switching so far in 2026, with 2,948 switches completed.

The Service has now facilitated 12.9 million switches since launch, including 1,216,271 over the past 12 months. It has also successfully redirected 191 million payments, while 99.3% of switches in Q2 were completed within the seven-working-day timeframe.

Among those who switched, 74% said their new account was better, compared with just 2% who felt it was worse. Online or mobile app banking remained the most commonly cited reason for preferring a new account, mentioned by 46% of respondents, followed by interest earned (33%), customer service (29%) and spending benefits (25%).

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

“The meaningful uptick in switching across the first half of 2026 shows that consumers remain actively engaged with the current account market. Hundreds of thousands of people from all corners of the country continue to assess whether their current account offers the right combination of value, service, and functionality.

“The range of providers among the strongest net gainers also underlines the breadth of competition and choice across the market. With 99.3% of switches completed within seven working days and satisfaction at 92%, the Service continues to provide consumers, small businesses, and charities with a reliable way to move to an account that better meets their needs.”