- Over 1 million switches completed in the past 12 months, bringing the total since launch to more than 11.6 million
- Nationwide, Lloyds Bank, NatWest and The Co-operative Bank achieved the highest net gains between October and December 2024
- March recorded the highest monthly switching volume of the quarter (79,680 switches)
24 April, 2025: The Current Account Switch Service today publishes its Q1 2025 Dashboard, reporting 222,805 completed switches between January and March 2025.
March was the busiest month of the year so far with 79,680 switches, followed by February (76,007) and January (67,119). This brings the 12-month total (1 April 2024 to 31 March 2025) to 1,093,117 switches.
End user data, which is reported three months in arrears, show that from October to December 2024, Nationwide had the highest net switching gains with 51,254 over the period, followed by Lloyds Bank (50,061), NatWest (7,279) and The Co-operative Bank (3,812).
Small business and charity accounts also had a busy start to the year with 6,570 switches taking place, a 22% increase on the prior quarter.
The Service maintained a seven-day switch completion rate of 99.7% throughout Q1 2025 and awareness of the Service remained steady at 77%. In addition, 89% of customers who used the Service in the last three years said they were satisfied with the process and 89% said they would recommend it.
Consumers continued to cite digital functionality and account benefits as key reasons for switching. Online or mobile app banking was the top reason for preferring a new account (47%), followed by interest earned (38%), customer service (32%) and spending benefits (28%).
Since the Service launched in 2013, it has now facilitated over 11.6 million switches and successfully redirected more than 163.6 million payments, supporting a seamless transition for customers between accounts.
John Dentry, Product Owner at Pay.UK, owner and operator of the Current Account Switch Service, said:
“The past quarter has provided a turbulent economic backdrop, no doubt encouraging increasingly money-conscious consumers to take action. By taking advantage of the competitive and dynamic banking market, they have been able to capitalise on more competitive rates, incentives, or improved features.
“As the Service continues to provide consumers with a quick, free and easy way to switch accounts, it’s important that those who are yet to consider their options assess whether they’re with a bank that best suits their needs. With a full spectrum of products and perks available, now is the time to consider that switch.”
Full details are available in the latest edition of the Current Account Switch Service Dashboard (no.46), and includes the latest customer movement data for Q4 2024. click here
