By Sohaib Shams
The number of current account switches in the UK jumped by 55% in the third quarter of 2026 compared with the same period a year earlier, reaching the highest quarterly total since the end of 2023, according to the Current Account Switch Service (CASS).
Quarterly figures show record activity
CASS recorded 411,384 completed switches between July and September, up from 265,083 in the third quarter of 2025. September was the busiest month with 152,299 switches. The figure brings the total number of completed switches in 2026 to 1,019,912.
Net gains for major providers
Voluntary data from banks and building societies for April to June showed Nationwide Building Society leading net gains with 23,636 switches, followed by Barclays (21,169), NatWest (20,287) and Monzo (17,544). Among the largest net losses were Halifax (minus 20,728), Lloyds Bank (minus 7,175), Santander (minus 14,124) and TSB (minus 17,008).
Industry reaction
Fred Powell, head of current accounts at Nationwide, highlighted the society’s “fairer share” payments to members, its branch promise to keep branches open until at least 2030, and services such as dementia clinics. John Dentry, product manager at Pay.UK, which owns and operates CASS, said the wide range of providers underscores the competitiveness of the market. Abigail Foster, a personal finance expert at Compare the Market, noted that with continued pressure on household budgets, switching accounts could provide better interest rates, lower fees and enhanced benefits.
