Banking loyalty seems to be a thing of the past in Britain, but what’s causing customers to move their money?
If you’re thinking about switching banks, a lot of factors come into play, whether it’s a lucrative cash bonus, access to a bank branch, higher interest rates, or spending benefits.
More than 11 million switches have taken place since the service first launched in 2013, according to the latest Current Account Switch Service (CASS) data.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues free
Sign up to Money Morning
Don’t miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don’t miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
There have been nearly one million switches in the last 12 months. June 2025 was the busiest month this year, with a record high of 88,146 switches.
We look at the most popular banks that customers switched their accounts to, what made them move, and whether you should switch banks.
Which are the most popular banks in 2025?
Nationwide proved to be the most popular banking company that customers switched to between January and March 2025, according to the CASS data. The building society amassed the highest net switching gains (55,578).
It was followed by online bank Monzo in second place (8,850), and HSBC in third (5,621), which includes the digital bank First Direct.
We’ve compiled the top banks and building societies in terms of net gains in a table below:
Swipe to scroll horizontally
The most popular banks in 2025
Bank or building society
Net gains from switching
Nationwide
55,578
Monzo Bank Limited
8,850
HSBC (including First Direct)
5,621
Santander
1,546
TSB
1,277
The Co-operative Bank
1,022
Triodos Bank
33
Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 January and 31 March, 2025
Of the banks and building societies listed above, five have had cash bonuses of up to £310 for customers switching their accounts. This includes Nationwide, HSBC, Santander, TSB and The Co-operative Bank.
It seems Nationwide’s bank switching bonuses, the £100 Fairer Share bonus, the Thank You bonus, and member-only savings products may have proved attractive to a large number of customers.
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.”
Which are the least popular banks in 2025?
While a few banks gained new customers, a lot more lost out.
Barclays saw the biggest losses (-22,334), as 25,948 switches were made from the high street bank, and it gained just 3,614 new customer accounts
In second place is Halifax with a net loss of 15,707 in the first quarter of 2025, while NatWest had a net loss of 13,086.
Chase also lost out on many customer accounts (net loss of -4,059), which could be a result of the digital bank slashing its interest rate on popular savings accounts in February.
We’ve compiled the banks that suffered from the highest net losses in the first three months of the year.
Swipe to scroll horizontally
The least popular banks in 2025
Bank or building society
Net losses from switching
Barclays
-22,334
Halifax
-15,707
NatWest
-13,086
Lloyds Bank
-4,710
J.P Morgan CHASE
-4,059
RBS
-3,627
Virgin Money
-3,353
Bank Of Scotland
-1,850
Starling Bank Ltd
-1,284
Ulster Bank
-487
AIB Group (UK) p.l.c.
-414
Bank Of Ireland
-311
Danske
-187
Citibank UK Limited
-2
Access to online banking was the most frequently cited reason for choosing a new account, mentioned by 47% of respondents. This was followed by attractive interest rates (37%), better customer service (31%), spending benefits (24%), and account fees or charges (24%).
It comes after many high street banks continue to offer poor interest rates to customers, resulting in heavy losses for savers who are being urged to switch to an inflation-beating savings account.
Should you switch your bank account?
Switching has now become easier than ever before. According to the Current Account Switching Service data, 90% of customers in the last three years were happy with the switching process.
If you use CASS, it takes seven days for the switch to complete. It makes sure that your direct debits, standing orders, and any new payments to your old account are transferred automatically, even after you’ve switched.
However, that doesn’t always mean that moving your money to another account will be the best option for you. It’s always best to consider the long-term value of a current account, like whether you’re getting better customer service, how much you’ll incur in fees or charges, and if you have access to physical branches.
Depending on the type of account you hold, your bank may already be offering better savings rates, travel perks, or spending benefits. So if you’re switching for the cash incentive alone, it might not be worth it in the long run.
We look at whether switching banks can affect your credit score in a separate piece.
