New data shows Nationwide recorded 41,450 net switching gains between July and September 2025, with many attracted by the current £175 bonus offer, as well as the £100 Fairer Share payment, paid out for the last three years.
Fred Powell, head of product at Nationwide says: “Customers tell us they value great service, choice and convenience and that’s what we’re focused on delivering.
“We’ve extended our Branch Promise and continued to invest in our app to make managing money simpler and safer, including selfie ID authentication and our new scam Call Checker tool.
We’ve just switched to Nationwide FlexPlus. Account costs £18pm plus £122 for pre-existing which is over £200 (£550vs£338) a year cheaper than other quotes just for travel insurance. Breakdown cover and phone insurance on top is a bonus! Plus getting the £175 switch bonus – win!
— Katie Marchant (@biscuits232) February 10, 2026
“But we know customers also want value and recognition, which is why millions of our members have received our Fairer Share payment for the past three years.”
Nationwide’s switching figures were the highest of any bank or building society during the last three months of the year, with what Mr Powell describes as “a sizeable gap between us and number two and the really good news is that our switching offer of £175 is still running.”
Nationwide £175 offer leads the bank switching rankings
Nationwide’s 41,450 net gains significantly outpaced its closest competitors:
- Monzo: 9,934
- NatWest: 8,731
With more than one million switches completed across 2025 – the third consecutive year volumes have exceeded that milestone – the latest data highlights continued appetite among consumers to move banks in search of better value.
Why customers are switching
Among those who switched in Q3 2025:
- 72% preferred their new account
- Only 2% said it was worse
- 93% were satisfied with the switching process
- 91% would recommend it
The main reasons customers preferred their new account were improved online or mobile banking (44%), customer service (36%), and interest earned (34%).
The Service maintained a 99.2% seven-day switch completion rate in Q4, while public awareness stands at 77%.
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John Dentry, Product Manager at Pay.UK, which owns and operates the Current Account Switch Service, says: “Reaching nearly 12.5 million switches since launch is a significant milestone, and it’s encouraging to see October and Q4 emerge as the busiest month and quarter of 2025.
“That level of activity highlights a competitive market where people feel confident moving to an account that better suits their needs.
“High satisfaction and recommendation levels show the Service continues to deliver fast, reliable switching at scale, giving consumers the reassurance of a free, guaranteed process.”
