Nationwide has now gained 1m current account customers from rivals since switching service launched
Britain's biggest mutual has now seen a net 1.03million customers join it since the Current Account Switch Service launched in 2013.
It saw net switching gains of 55,578 between January and March 2025, according to bank-specific data - which is three months in arrears - making it the first bank or building society to surpass the figure.
The current account switching war is driven by generous cash bribes to move account, with Cass making it far easier to do so.
In total 72,847 new customers switched to Nationwide between January and March while 17,269 switched away to a different bank.
This is the third quarter in a row that Nationwide had the highest net switching gains.
Between October and September 2024, Nationwide had net switching gains of 51,254 and between July and September 2024, the figure stood at 22,622.
Much of the Nationwide switching rush in recent times has been fuelled by the generous cash incentives it offers.
It was offering a £175 switching bonus until 31 March and also unveiled its third annual £100 Fairer Share payment in May which customers would have needed to have a Nationwide bank account up and running in January to receive.
Andrew Hagger, from independent information website MoneyComms says: 'Nationwide had a £175 switching incentive in place for the whole of the three months in question, which no doubt helped boost recruitment.
'However, the £100 annual Fairer Share payment is also having a positive impact on customer retention.'
Cass has been a huge success for Nationwide. The next closest rival is Santander, which has seen a net 259,000 switches in the past 12 years - lagging nearly three quarters of a million customers behind.
Around 1million bank account switches took place in the past 12 months, with 222,805 happening in the first three months of the year, figures from the Cass show.
June was a record month for bank switches in 2025 thus far, with 88,146 switches processed.
The data shows just how Nationwide is dominating the switching battle. The next closest is Monzo, which gained 8,550 more customers than it lost in January to March - but that is more than 46,000 below Nationwide.
It is the first time a digital bank has been in the top three banks for switching gains.
Andrew Hagger says this 'was a good performance considering it doesn't offer a three-figure cash incentive like the big players.
'It does however offer refer a friend incentive, so it could be that this is having a bit of a positive impact.'
HSBC saw 5,621 net switchers - with Co-Op, Santander and TSB all gaining customers, albeit 3,845 between them.
Barclays, Halifax and NatWest were the big losers, with a net 22,334, 15,707 and 13,086 leaving using Cass.
John Dentry, of Pay.UK, which owns and operates the Cass, says: 'The fact that the top three spots are occupied by a legacy bank, long-standing building society, and a neobank, shows the depth and diversity of the UK banking system.'
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