Nationwide is the world’s largest building society
Nationwide has an established track record of issuing free cash to its members, particularly through its yearly Fairer Share Payment scheme.
The building society has distributed £100 annually since 2023. Additionally, it has been incentivising new customers through its account switching offer. Latest data reveals that Nationwide awarded more than 40,000 members a £175 switching bonus within just a two-month period. Current account transfers have topped one million for the third year running, driven by a surge in consumers hunting for superior deals towards the close of 2025.
Nationwide Building Society secured 41,450 customers during the July to September period, with savers attracted by its £175 switching incentive and yearly distributions via its profit-sharing arrangement. The final three months of 2025 emerged as the most active period, registering 350,114 current account transfers, based on data from the Current Account Switch Service (Cass).
This service allows consumers to move their current account seamlessly by arranging for payments to be redirected to their new provider. Some people moved their funds independently of Cass, which means the statistics provided don’t capture those transfers.
A total of 1,054,521 switches occurred throughout 2025 – representing the third consecutive year that transfers have exceeded one million. However this figure shows a reduction when compared to the numbers seen in 2023 and 2024, when higher interest rates were driving up savings rates across the market.
Interest rates have been declining since August 2024. Nationwide attracted the largest number of customers switching to its current accounts between July and September, according to Cass data released three months after the period ended.
Monzo and NatWest followed behind, gaining 9,934 and 8,731 accounts respectively. Conversely, several banks saw customers leaving, with Santander losing nearly 20,000 current accounts during the same timeframe.
Halifax and JP Morgan’s Chase also recorded departures, with 17,341 and 7,623 accounts switching away respectively. John Dentry, product manager at Pay.UK, which runs Cass, said: “That level of activity is a clear sign of a healthy, competitive banking market, where people feel empowered to shop around and move to an account that better meets their needs.
“At a time when every pound matters, we want consumers to feel confident they can move their money to an account that better suits their needs – quickly, easily, and with the reassurance of a free, guaranteed switch.”
Andrew Hagger, personal finance expert at Moneycomms, commended Nationwide for standing “head and shoulders above every other provider” when it comes to attracting customers from rivals. He added: “Nationwide has been particularly strong during the last two years, winning a massive 404,207 customers from competitor banks”.
Alastair Douglas, CEO of TotallyMoney, noted that the trend for switching current accounts “heated up” towards the end of 2025. He said: “And we’re unlikely to see things slow down any time soon, as a magnificent seven banks are currently offering switch incentives of at least £175, including Co-op, First Direct, HSBC Premier, Lloyds, Nationwide, Santander and TSB.
“You might also find a new bank can provide you with better service, an interest-free overdraft or high street branches. Loyalty doesn’t pay, but more often than not, moving your money can.”
