Current Account Switches Surge 43% Annually in First Quarter of 2026

Current account switching levels jumped by 43% annually in the first quarter of 2026, according to the Current Account Switch Service (Cass), which is designed to simplify moving bank accounts.

Record Switching Activity

Some 319,529 current account switches were recorded over the three-month period, marking a 43% increase compared with 222,805 switches in the first quarter of 2025. The surge was driven by a busy February and March, with January being quieter, consistent with long-term trends.

John Dentry, product manager at Pay.UK, owner and operator of Cass, said: “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.”

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Dentry added: “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.”

Net Switching Gains by Provider

Figures released voluntarily by banks and building societies, covering the period from October to December 2025, showed Nationwide Building Society secured the highest net switching gains among people using Cass to move their accounts, recording 64,527 switches. This was followed by Barclays (18,534) and Lloyds (12,073).

The service automatically moves payments over to the new account, and a guarantee means that people should not be left out of pocket if something goes wrong with the switch. Cass’s figures only capture account switches made using its service.