Almost 300,000 switch account and one bank is ahead as it offers deal | Personal Finance | Finance
Almost 300,000 people have switched banks so far this year (Image: Getty)
UK consumers are overwhelmingly switching to one bank, according to new figures. Hundreds of thousands of people have switched bank accounts so far this year – and the majority of them have joined Nationwide.
New figures showed 288,999 switches were completed between April and June 2026, with June the busiest month of the quarter at 116,345 switches. Nationwide (58,448), Lloyds Bank (24,349) and Monzo (21,894) recorded the highest net switching gains between January and March 2026
The nation’s biggest building society, which is popular for its £100 fairer share payments, gained 58,448 switching customers in the first quarter of the year, the latest data from the Current Account Switching Service shows.
It was followed by Monzo, which gained 21,894 accounts, and Lloyds with 24,349. At the bottom of the table was Halifax, which lost a total of 21,869 accounts and may have been impacted by the decision to phase out its name. The Halifax brand is being scrapped after 173 years, with all customer accounts to be rebranded to Lloyds.
Lloyds Banking Group, which has owned Halifax since 2009, confirmed the move after reports in May said it was considering phasing out Halifax as a standalone brand.
Competition for customers has been heating up with several banks launching switching deals to entice more clients. The Co-operative Bank has entered the competition with a £300 offer for certain customers.
Tom Riley, Nationwide Group Director of Retail products, said: “More people continue to choose Nationwide as their banking provider, as reflected in these latest switching figures. Our ongoing success is built on 14 years of market-leading customer service, strong member value through our products, our £175 switching incentive and £100 Fairer Share payment. We are also offering real choice in how people bank, whether online, over the phone or in branch, backed by our commitment to keep every branch open until at least 2030. There has never been a better time to join Nationwide.”
Switchers can get £200 for joining the bank, while existing Co-op or Coventry Building Society customers can bag an extra £100 loyalty bonus on top if they move to a qualifying current account.
Santander is offering £180 to switch to them, while First Direct and Nationwide are both giving new customers £175.
John Dentry, Product Manager at Pay.UK, owner and operator of the Current Account Switch Service, said: “The meaningful uptick in switching across the first half of 2026 shows that consumers remain actively engaged with the current account market. Hundreds of thousands of people from all corners of the country continue to assess whether their current account offers the right combination of value, service, and functionality.
“The range of providers among the strongest net gainers also underlines the breadth of competition and choice across the market. With 99.3% of switches completed within seven working days and satisfaction at 92%, the Service continues to provide consumers, small businesses, and charities with a reliable way to move to an account that better meets their needs.”
