Surge in Britons switching current account – should you join them? Here’s how to bag £300…

There was a huge surge in the number of people switching current account in the summer, new data shows.

The period between July and September was the busiest for jumping bank since 2023, according to the Current Account Switch Service (CASS).

It saw 411,384 completed moves between July and September, a 55 per cent annual increase from the same period last year with competition between banks fierce.

September saw the highest monthly number of switches since November 2022 at 152,299.

In terms of the providers that Britons switched to, Nationwide came out on top, followed by Barclays, NatWest and Monzo.

Bear in mind that the CASS reports provider data three months in arrears, so information about which accounts customers switched relates to April to June.

‘It’s positive to see that thousands of consumers are continuing to switch banking providers in order to find a partner that provides the right mix of benefits, ease of use and customer service which suits their financial needs,’ said John Dentry, of Pay.UK owner and operator of the CASS.

Switchers remain happy with the CASS

Nine in ten switchers said that they were satisfied with the overall process between July and September

The service completed 99 per cent of switches within the seven working day timescale.

The CASS handles the move – including direct debits – and redirects payments made to old accounts to the new one after it’s set up.

An automated message is sent to the payer in this scenario, advising them of the new account details.

What could explain the high number of switches?

One reason for the high number of switches is likely to be the continued availability of strong switch offers from banks and building societies.

Over the summer, HSBC launched a £220 switch deal. This is still active. Meanwhile its sister bank, First Direct, boosted its longstanding bribe from £175 to £200.

First Direct has hiked that offer even higher recently, increasing it to £210 for switches before December 2.

In terms of other deals available today, Barclays is offering a huge £300. This is made of several payments – £150 when you switch, then £30 each month you use your debit card at least ten times for five months.

Santander is offering the largest bribe in one go at £240 – to get this you need to both switch and save £200 in its regular savings account.

If you want to switch to Lloyds its currently offering £200, as is NatWest.

Meanwhile Nationwide is offering a £175 switch bribe, although there’s also a potential Fairer Share payment on the table next year too.

In June 2026, Nationwide paid £100 to eligible members as part of its profit-sharing scheme – but keep in mind these payments aren’t guaranteed.

> Read more: What should you watch out for when investing through your bank account?

Don’t switch based on a bribe alone

The promise of some extra cash is a very good incentive to switch bank, but you should also make sure the provider is right for you overall if you intend on using it as your main one.

The CASS said that among those who switched, online or mobile app banking remained the most cited reason for preferring a new account.

This was followed by customer service, interest earned, spending benefits and finally account fees or charges.

To discover the best banks for various features – including cashback and interest on your balance – read our guide to the best bank accounts.