Nearly 300,000 people switched bank accounts in the second quarter of 2026, with Nationwide emerging as the most popular destination, according to latest data from the Current Account Switch Service.
The figures show 288,999 switches were completed between April and June, with June the busiest month of the quarter at 116,345 switches. Nationwide recorded the highest net switching gains between January and March 2026, attracting 58,448 customers.
Top banks for switching
Nationwide was followed by Lloyds Bank, which gained 24,349 accounts, and Monzo, which added 21,894. At the other end of the table, Halifax lost 21,869 accounts, likely impacted by the decision to phase out the brand after 173 years. Halifax customers are being rebranded to Lloyds.
Competition among banks has intensified, with several launching switching incentives. The Co-operative Bank offers £300 for certain customers, including a £200 switching offer and an extra £100 loyalty bonus for existing Co-op or Coventry Building Society customers moving to a qualifying current account.
Santander is offering £180 to switch, while First Direct and Nationwide both offer £175.
Industry comment
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.”
He added: “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.”
