The latest data reveals that over a million current account switches were made for the third consecutive year. Nationwide led the way with 41,450 customers switching to their services between July and September. The attraction was their offer of £175 for switching and annual £100 bonus payments as part of a profit-sharing scheme. Monzo and NatWest also saw significant customer growth, with 9,934 and 8,731 new customers, respectively. The final quarter of 2025 recorded the highest activity, with 350,114 current account switches, as reported by the Current Account Switch Service (CASS).
In total, there were 1,054,521 switches in 2025, although this figure is lower compared to the volumes in 2023 and 2024 when higher interest rates were influencing savings rates. On the flip side, Santander witnessed a loss of nearly 20,000 current accounts during this period. Halifax and JP Morgan’s Chase also experienced customer outflows, with 17,341 and 7,623 accounts switching away, respectively.
John Dentry, a product manager at Pay.UK, which oversees CASS, emphasized the vibrant and competitive banking market reflected by the high level of account switching. He highlighted the importance of consumers feeling empowered to switch to accounts that better suit their needs efficiently and with the guarantee of a free switch.
In other news, the YouGov BrandIndex tool named Marks and Spencer as the strongest brand in the UK, despite facing challenges like a cyber attack in 2025. IKEA, Samsung, John Lewis, and Netflix followed closely in the top rankings. Post Office was recognized as the most improved brand, driven by enhanced public perception following the Horizon IT scandal. Royal Mail and Fujitsu also made significant improvements in brand perception.
On a concerning note, UK high street retailer GAME is facing potential collapse for the second time. The company has initiated the process of appointing administrators, signaling financial distress. If GAME collapses, it would mark the second instance after its 2012 administration, which led to store closures and job losses.
Water bill hikes are looming for households starting April, with an average increase of 5.4% across England and Wales. Water companies are justifying these hikes to fund necessary infrastructure investments, despite criticism for shareholder dividends and executive pay. The average water bill is expected to rise by £33 to £639 from April 1.
Additionally, car production in Britain hit a 70-year low in 2025, with 717,371 cars manufactured. Factors contributing to this decline include import tariffs imposed by President Trump and a cyber attack on Jaguar Land Rover. This downward trend in car production poses challenges to the automotive industry in the UK.