Pay.UK reported on 30 July 2026 that 608,528 current account switches were completed in the first half of 2026. That is 39% more than the 439,324 switches completed in the first half of 2025. The Current Account Switch Service has now handled 12.9 million switches since it launched.
How many current account switches were completed in 2026?
The Current Account Switch Service recorded 319,529 switches in the first quarter and 288,999 in the second. The first quarter was 43% above the 222,805 switches completed in the first quarter of 2025.
By month, February was the busiest of the year so far with 120,020 switches. June followed with 116,345, up 32% on the 88,146 switches completed in June 2025. April had 89,908 and May 82,746.
Over the 12 months to June 2026 the service completed 1,216,271 switches. Small business and charity switching added 8,136 in the second quarter.
Which banks gained most customers?
Pay.UK reports bank-by-bank figures three months in arrears. For January to March 2026 the highest net switching gains were:
- Nationwide: 58,448;
- Lloyds Bank: 24,349;
- Monzo: 21,894.
In the October to December 2025 figures, Nationwide also led with 64,527 net switching gains, ahead of Barclays (18,534) and Lloyds (12,073).
Why do people switch?
Among switchers surveyed, 74% said their new account was better and 2% said it was worse. Pay.UK reports satisfaction at 92%.
The reasons given for preferring the new account were online or mobile app banking (46%), interest earned (33%), customer service (29%) and spending benefits (25%).
What should you compare before switching?
The four reasons switchers gave map onto four checks you can make before applying:
- The app. Look at what you actually use each month: the ability to freeze your card, payment notifications, savings pots, spending categories.
- The interest. Read the terms behind a headline rate: the part of the balance that earns it, the monthly pay-in required and the date the rate ends.
- Customer service. Check which channels exist and whether you can reach a person in the hours you need.
- The perks. A benefit only has value if it replaces something you already pay for.
The Bank of England’s August 2026 figures show why the second check matters. The average rate on money withdrawable on demand was 1.65%, so a rate well above that deserves a close look at its terms.
How does the switch work, and what is guaranteed?
The process takes seven working days and is overseen by your new bank or building society. The new bank switches your payments and moves your balance, and the old bank closes the old account. In the second quarter of 2026, 99.3% of switches were completed within seven working days.
Payments sent to your old account are redirected. If anything goes wrong, any charges or interest incurred as a result are refunded. There is no fee for using the service.
Is my money protected when I move it?
Deposits with a UK authorised bank, building society or credit union are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per firm. The limit rose from £85,000 on 1 December 2025.
Three points matter when you open a second account:
- Banks that share a banking licence count as one firm. The £120,000 applies to your total across the group, and the Financial Services Register on the FCA website shows which banks share a licence;
- Joint accounts are protected up to £120,000 per eligible person;
- Certain temporary high balances are protected up to £1.4 million for six months from the date of deposit.
If a bank, building society or credit union fails, the FSCS pays compensation within seven working days in straightforward cases.
Quick answers
Does it cost anything to switch?
No. The service states that there are no fees with the Current Account Switch Service.
When is the next set of figures?
Pay.UK lists the next publication, covering the third quarter of 2026, for the week commencing 30 October.
Who runs the service?
Pay.UK owns and operates it. Banks and building societies take part and carry out the switch.
Sources
- Pay.UK: Current Account Switch Service Q2 2026 report, 30 July 2026.
- Pay.UK: Current Account Switch Service Q1 2026 report, 30 April 2026.
- Current Account Switch Service: about the service.
- FSCS: banks, building societies and credit unions.
- Bank of England: effective interest rates, August 2026.
Figures checked on 2 October 2026.
