Thousands of Brits switch to Nationwide, Co-operative Bank and Monzo – which banks are least popular?

Banking loyalty seems to be a thing of the past in Britain, but what’s causing customers to move their money?

If you’re thinking about switching banks, a lot of factors come into play, whether it’s a lucrative cash bonus, access to a bank branch, higher interest rates, or spending benefits.

More than 12 million switches have taken place since the service first launched in 2013, according to the latest Current Account Switch Service (CASS) data.

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In the third quarter of this year, a total of 265,083 switches took place. July was the busiest month so far in 2025, with a record high of 111,244 switches.

We look at the most popular banks that customers switched their accounts to, what made them move, and whether you should switch banks.

Which are the most popular banks in 2025?

Nationwide again proved to be the most popular banking company that customers switched to between April and June 2025, according to the CASS data. The building society amassed the highest net switching gains (54,347).

It was followed by Co-operative Bank in second place (9,175), and digital bank Monzo in third (8,246).

We’ve compiled the top banks and building societies in terms of net gains in a table below.

Customer data from the Current Account Switch Service is published three months in arrears, which is why the data here is from April to June.

Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 April and 30 June, 2025

Of the banks and building societies listed above, four have had cash bonuses of up to £310 for customers switching their accounts. This includes First Direct, NatWest, TSB and The Co-operative Bank.

Despite the building society’s switching deal ending in March, it seems Nationwide’s other offers, such as the £100 Fairer Share bonus, the Thank You bonus, and member-only savings products may have proved attractive to a large number of customers.

Meanwhile, Monzo paid customers up to £50 to refer a friend, which may have driven its popularity.

Which are the least popular banks in 2025?

While a few banks gained new customers, a lot more lost out.

Santander saw the biggest losses (-23,015), as 33,438 switches were made from the high street bank, and it gained just 10,423 new customer accounts.

In second place is Barclays with a net loss of -18,337 in the second quarter of 2025, while Halifax had a net loss of -14,752.

Chase also lost out on many customer accounts (net loss of -6,976), despite the digital bank introducing a bonus offer on its easy access saver in June for new customers.

We’ve compiled the banks that suffered from the highest net losses in the first three months of the year.

Source: Current Account Switch Service. Data shows the number of full account switches completed between 1 April and 30 June, 2025

Access to online banking was the most frequently cited reason for choosing a new account, mentioned by 44% of respondents. This was followed by better customer service (35%), attractive interest rates (33%), location of branches (26%) and spending benefits (25%).

It comes after many high street banks continue to offer poor interest rates to customers, resulting in heavy losses for savers who are being urged to switch to an inflation-beating savings account.

Should you switch your bank account?

Switching has now become easier than ever before. According to the Current Account Switching Service data, 90% of customers in the last three years were happy with the switching process.

If you use CASS, it takes seven days for the switch to complete. It makes sure that your direct debits, standing orders, and any new payments to your old account are transferred automatically, even after you’ve switched.

However, that doesn’t always mean that moving your money to another account will be the best option for you. It’s always best to consider the long-term value of a current account, like whether you’re getting better customer service, how much you’ll incur in fees or charges, and if you have access to physical branches.

Depending on the type of account you hold, your bank may already be offering better savings rates, travel perks, or spending benefits. So if you’re switching for the cash incentive alone, it might not be worth it in the long run.

We look at whether switching banks can affect your credit score in a separate piece.