LONDON, May 6, 2026, 13:03 BST
Nationwide came out on top with a net gain of 64,527 current-account customers in the last quarter of 2025, leading all UK banks, according to the latest switching figures. Halifax lost 25,629 customers over the same stretch. Current accounts—used daily for wages, cards, and bill payments—remain a key battleground for providers.
Timing is key here. From January through March, 319,529 people used the Current Account Switch Service (CASS), a jump of 43% compared to the same stretch last year, with households chasing improved rates, new app tools, and sign-up bonuses. CASS promises all payments will be transferred and anything sent to the old account redirected—seven working days, start to finish.
Sky News on Wednesday highlighted the shifting landscape, with Halifax booking losses and Nationwide picking up the slack, as banks continue jockeying for customers with competing deals. “Higher savings rates were a key driver,” said John Dentry, product manager at Pay.UK, who added that fresh offers might trigger a flurry of activity. Sky News
Nationwide’s net gains dwarfed the rest, clocking in at 87,996 with 23,469 losses in the fourth quarter. Halifax, on the other hand, managed only 2,607 gains while tallying 28,236 losses. Barclays followed with 18,534 added customers, and Lloyds Bank picked up 12,073.
Nationwide’s surge matches up with its member-reward blitz. The building society reports that over 4 million members picked up a £100 Fairer Share payout in 2025, and more than 44,000 earned £200 for switching their current accounts.
The question of a £100 bonus is still alive. Nationwide is set to offer more details on its Fairer Share program with full-year results due May 21, according to MoneyWeek. Deputy digital editor Jessica Sheldon told the publication there are “far too many instances where loyalty doesn’t pay”. MoneyWeek
Switchers weren’t just after higher yields, the broader data shows. Of those who moved accounts in the first quarter, 68% told CASS they liked their new account better. Leading the reasons: online or mobile banking, then interest earned, with customer service trailing behind.
Still, those figures come with caveats. Provider-level CASS data lags by three months, leaving the market in the dark about which banks actually saw the biggest shifts in customer numbers during the first quarter. Nationwide, for its part, notes that the Fairer Share payout isn’t a sure thing—it hinges on the mutual’s financial results and who qualifies under its rules.
The takeaway for rivals? It’s clear. Barclays and Lloyds picked up customers during the same stretch, proof that legacy banks aren’t out of the running when they nail their products and service.
Nationwide faces the possibility that inflows could slow, should competitors up their incentives or if it tweaks its payout. Over at Halifax, it’s unclear if the drop is simply a matter of timing on the latest offers, or if customers are just getting faster at jumping ship when a sweeter deal pops up.
