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All we know as Nationwide pays £175 to thousands of members

Reach Daily Express | March 30, 2026 9:41 PM CST

Nationwide Building Society has dominated the current account switching market, attracting over 41,000 customers in just two months with its generous £175 switching bonus.
The building society lured 41,450 customers between July and September, capitalising on its switching incentive and annual Fairer Share Payments of £100. This performance puts Nationwide far ahead of rivals Monzo and NatWest, which gained 9,934 and 8,731 customers respectively.
Current account switches exceeded one million for the third consecutive year in 2025, with 1,054,521 total switches recorded. However, this represents a decline from previous years when higher interest rates were boosting savings rates.
The final quarter proved the busiest switching period, with 350,114 account transfers according to the Current Account Switch Service (Cass). Meanwhile, banks like Santander suffered significant losses, shedding nearly 20,000 accounts during the same timeframe.
Andrew Hagger from Moneycomms praised Nationwide for standing "head and shoulders above every other provider" in attracting customers. He noted the building society has won a massive 404,207 customers from competitor banks over the past two years.
Experts predict switching activity will continue as seven major banks currently offer incentives of at least £175. As one industry chief noted: "Loyalty doesn't pay, but more often than not, moving your money can."
READ THE FULL STORY: Nationwide 'head and shoulders above' as 40,000 members get free £175