The latest data reveals that over a million current account switches were made for the third consecutive year. Nationwide attracted the most switches, with 41,450 customers enticed by its switching offer and yearly bonus payments. Monzo and NatWest also saw significant customer additions.
The busiest quarter for current account switches was in the final three months of 2025, totaling 350,114 switches. Despite reaching over a million switches in 2025, the numbers were lower compared to previous years due to fluctuating interest rates.
Conversely, some banks experienced a loss in current accounts, with Santander losing nearly 20,000 accounts. Halifax and JP Morgan’s Chase also saw customers switching away from their services.
John Dentry, a product manager at Pay.UK, which manages the Current Account Switch Service, highlighted the competitiveness of the banking market, encouraging consumers to explore options that best suit their needs.
In other news, Waymo, a US firm, is planning to launch its driverless taxi service in London later this year. The company aims to improve road safety with its autonomous vehicles, pending official safety approval.
Additionally, a well-known music festival company, Solfest, has gone into liquidation due to significant challenges. The fate of ticket holders for the 2026 festival remains uncertain.
Furthermore, a report suggests that numerous struggling businesses, particularly in the hospitality sector, could face insolvency in 2026 due to financial distress. The tough economic climate has impacted consumer spending, affecting various industries.
Lastly, easyJet reported record summer bookings, though it also announced increased losses attributed to new operational bases. The airline is considering introducing Wi-Fi services on its flights in collaboration with Starlink.