The latest data reveals that over a million current account switches occurred for the third consecutive year. Nationwide led the way with 41,450 customers switching to the building society, attracted by its £175 switching offer and yearly £100 bonus payments. Monzo and NatWest also saw significant gains with 9,934 and 8,731 new customers, respectively. The last quarter of 2025 saw the highest activity, with 350,114 current account switches recorded by the Current Account Switch Service (CASS).
Despite a total of 1,054,521 switches in 2025, the numbers were lower compared to the previous years, attributed to higher savings rates in 2023 and 2024. On the contrary, Santander lost nearly 20,000 current accounts, while Halifax and JP Morgan’s Chase witnessed customers switching away in numbers of 17,341 and 7,623, respectively.
John Dentry, the product manager at Pay.UK, operators of CASS, emphasized the healthy competition in the banking market, allowing consumers to find accounts that better suit their needs easily and confidently.
In other news, US firm Waymo is set to introduce driverless taxis in the UK starting this autumn. The autonomous taxi service, known as robotaxis, aims to enhance road safety and efficiency. However, Waymo awaits official safety approval before commencing passenger services in London.
Meanwhile, Solfest, a renowned UK music festival, has ceased operations following significant challenges, leaving uncertainty for ticket holders of the canceled 2026 event. The festival, known for hosting prominent acts, faced financial difficulties leading to its liquidation.
Furthermore, a report suggests that numerous struggling businesses, particularly in the hospitality sector, may face closure in 2026 due to financial pressures. The UK economy experienced subdued consumer confidence, impacting various sectors, including hospitality and retail.
Additionally, leading brands in the UK, such as Marks and Spencer, IKEA, and Samsung, have been recognized for their strong brand presence despite challenges. On the brink of collapse, UK retailer GAME has initiated steps towards administration, signaling financial distress in the industry.
Lastly, water bill hikes are expected in April, with an average increase of 5.4% across England and Wales. Water firms continue to raise prices to fund infrastructural investments, drawing criticism for dividend payouts and executive pay. The automotive industry in Britain faced a setback, producing the lowest number of cars in 70 years due to external factors like import tariffs and cyber attacks.
Stay informed with the latest news and money-saving tips by subscribing to the Mirror Money newsletter.