According to the latest figures from the Current Account Switch Service (CASS), over one million current account switches were completed during 2025, marking the third consecutive year in which that milestone has been surpassed.
The data highlights sustained consumer appetite for moving banks in search of improved value, cash incentives and account benefits. While NatWest secured 8,800 switchers through its promotion, 42,000 customers chose to move their accounts to Nationwide over the same period.
Industry figures suggest the final quarter of the year proved particularly active. According to CASS, October and the fourth quarter emerged as the busiest month and quarter of 2025, reinforcing the trend of customers reassessing their banking arrangements.
Strong Switching Volumes Reflect Competitive Retail Banking Market
The switching figures form part of a broader pattern of mobility within the UK banking sector. Since its launch, the service has facilitated nearly 12.5 million account switches, according to Pay.UK, which owns and operates CASS.
Speaking about the latest milestone, John Dentry, Product Manager at Pay.UK, said the volume of activity demonstrates a competitive market in which consumers feel confident changing providers. He noted that reaching nearly 12.5 million switches since launch represents a significant landmark for the service.
He added that high satisfaction and recommendation levels indicate that the switching process continues to deliver a fast and reliable experience at scale. According to Dentry, this reassurance plays a role in encouraging customers to move to accounts that better suit their needs.
More than one million switches across 2025 underline that the practice is no longer unusual or disruptive. The consistency of volumes over three consecutive years suggests that cash incentives and account features remain influential factors in consumer decision-making.
Natwest’s £175 Offer and Conditions Explained
From 16 September 2025, NatWest introduced a £175 payment for customers switching to one of its eligible current accounts. According to reporting on the offer, customers were also able to earn an additional £36 through linked rewards and up to £53 in interest.
The financial website Be Clever With Your Cash described the promotion as straightforward. According to the site, customers received a fixed £175 provided they met the outlined conditions. The structure marked a change from a previous version of the offer, which had split the incentive between £125 for switching and £50 for opening a Digital Regular Saver paying 5.5 per cent interest.
Under the revised arrangement, the payment was issued as a single £175 bonus for opening the account, with no additional switching reward tied to the regular saver. Customers could still open the savings product, though it no longer generated a separate incentive payment.
Eligibility rules were also clearly defined. Only one bonus could be claimed per person, regardless of whether the individual held multiple sole accounts or additional joint accounts. In the case of joint accounts, only one payment was available per account, meaning two individuals seeking separate bonuses would need to open individual accounts.
