UK Bank Account Switches Rise 55 Percent in Third Quarter

Pay.UK reported that the Current Account Switch Service recorded 411,384 completed current account switches between July and September 2026. This figure represents a 55 percent increase compared to the same period in 2025 and marks the highest quarterly total since the fourth quarter of 2023.

September was the most active month of the quarter with 152,299 switches. These figures bring the total number of account migrations for 2026 to 1,019,912. The service is available to individuals and small businesses, charities, or trusts with a turnover or asset value up to 6.5 million pounds.

Data from the second quarter of the year identified Nationwide Building Society as a primary beneficiary with a net gain of 23,636 customers, followed by Barclays, NatWest, and Monzo. Nationwide attributed its growth to member payments, dementia clinics, and a commitment to keep branches open until 2030.