Current account switching levels jumped by 43% annually in the first quarter of 2026, according to the Current Account Switch Service (Cass). Some 319,529 switches were recorded between January and March, up from 222,805 in the same period of 2025.
The increase was driven by a busy February and March, with January quieter in line with long-term trends. John Dentry, product manager at Pay.UK, which owns and operates 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.”
Dentry added: “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.” He noted that a well-suited bank account can help families navigate inflation and the higher cost of living.
Voluntary data from banks and building societies for October to December 2025 showed Nationwide Building Society had the highest net switching gains, with 64,527 switches, followed by Barclays (18,534) and Lloyds (12,073). The service automatically moves payments and guarantees customers will not be left out of pocket if something goes wrong.
