The latest data shows 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 building society, attracted by incentives like a £175 switching offer and an annual £100 bonus through their profit-sharing scheme. Monzo and NatWest also saw significant numbers, adding 9,934 and 8,731 customers, respectively, between July and September.
In the final quarter of 2025, there were 350,114 current account switches, totaling 1,054,521 for the year. This figure, although substantial, was lower than the volumes seen in 2023 and 2024 when higher savings rates were prevalent.
On the flip side, Santander lost nearly 20,000 current accounts during this period, while Halifax and JP Morgan’s Chase saw 17,341 and 7,623 customers switching away, respectively.
John Dentry, a product manager at Pay.UK, which operates the Current Account Switch Service, emphasized the importance of a competitive banking market where consumers can easily switch to accounts that better suit their needs.
In other news, Waymo, a US firm, is set to launch its driverless taxi service in London later this year, pending official safety approval. The service aims to reduce traffic accidents and improve safety for pedestrians and cyclists.
Additionally, the company behind the Solfest music festival has declared insolvency due to significant challenges. It remains uncertain what will happen to tickets purchased for the 2026 festival.
Furthermore, a report suggests that a large number of struggling businesses, including those in the hospitality sector, could face closure in 2026 due to various financial pressures.
Meanwhile, easyJet has reported record summer bookings and announced plans to potentially offer in-flight Wi-Fi through discussions with Starlink, Elon Musk’s satellite company.
Lastly, water bills in England and Wales are set to increase by an average of 5.4% from April, with some companies imposing hikes of up to 13%. This rise follows a series of increases and is intended to fund infrastructure improvements in the water sector.