The figures represent a 43% increase verses Q1 2025
- February was the busiest month for switching so far this year with 120,020 switches, closely followed by March (107,282) and trailed by January (92,227)
- Nationwide (64,527), Barclays (18,534) and Lloyds Bank (12,073) achieved the highest net switching gains for the final three months of 2025
- The busy quarter means the Service has now completed a total of 12.7 million switches since its launch in 2013
30th April 2026: The Current Account Switch Service today publishes its Q1 2026 Dashboard, reporting 319,529 switches in the first three months of the year.
During Q1, the Service recorded a 43% increase in bank account switching activity on the prior year period, rising to 319,529 from 222,805 in Q1 2025. The rapid start to the year was largely driven by February (120,020) and March (107,282), with January recording the lowest switching figure of the quarter (92,227), in line with historic trends.
End-user data, reported three months in arrears, revealed that Nationwide secured the highest net switching gains, recording 64,527 switches between October and December 2025. This was followed by Barclays (18,534) and Lloyds (12,073).
Small business and charity account activity consistently rose throughout the quarter, with 2,525 switches in January, 2,645 in February, and 2,745 in March – a total of 7,915.
The Service has now overseen 12.7 million switches since it launched, 1,151,244 of which occurred in the past 12 months. A total of 177.9 million payments have been successfully redirected via the Service, and 99% of people were satisfied or neutral about their switch during Q1.
Of those that switched, a significant majority (68%) said they preferred their new account, with only 2% saying it was worse. Online or mobile app banking (43%) was the top reason why consumers preferred their new accounts, followed by interest earned (32%) and customer service (31%).
John Dentry, Product Manager at Pay.UK, owner and operator of the Current Account Switch Service, said:
“It was yet another busy start to the year for the Service, which has once again demonstrated its critical function at the very core of the UK banking ecosystem. After a characteristically slower start in January, we saw a real boom in February and March as consumers set themselves up for the year ahead.
It has been an economically turbulent year so far and we anticipate high levels of activity to continue as interest rates creep back up. Higher savings rates are a key driver of consumer movement and if previous offers are brought back to the market, we would expect a flurry of activity to follow. As families navigate fluctuating inflation and a higher cost of living, a strong and well-suited bank account can be a real difference-maker for building financial confidence and economic resilience. We’re pleased to see so many people take advantage of the free, quick and easy process of switching accounts to ensure they’re with a bank that suits their needs.”
To see the full Q1 2026 dashboard, click here
