The latest data reveals that over a million current account switches were made for the third consecutive year. Nationwide attracted the most customers with 41,450 switching to their services, enticed by a £175 switching offer and annual £100 bonus payments through their profit-sharing program. Monzo and NatWest also saw significant increases in customers, with 9,934 and 8,731 switches, respectively, during the period.
The last quarter of 2025 saw the highest activity with 350,114 current account switches, making a total of 1,054,521 switches for the year. Despite this, the number is lower compared to previous years due to changes in savings rates. Conversely, Santander lost nearly 20,000 current accounts, while Halifax and JP Morgan’s Chase faced customer losses as well.
According to John Dentry, product manager at Pay.UK, the operator of CASS, the high switching activity indicates a robust and competitive banking market where consumers are empowered to find accounts that better suit their needs.
In other news, US company Waymo is planning to introduce driverless cabs in the UK starting in autumn. The autonomous taxi service is set to launch in London by the end of the year, pending safety approvals. Waymo aims to reduce traffic accidents with its advanced technology, although fares are expected to be higher than traditional taxi services.
Meanwhile, Solfest, a popular music and arts festival in Cumbria, has gone into liquidation after facing significant challenges. The fate of ticket holders for the 2026 festival remains uncertain. Additionally, a report suggests that numerous struggling businesses, especially in the hospitality sector, may face closure in 2026 due to financial distress.
On a positive note, Marks and Spencer was named the strongest brand in the UK, despite facing challenges like a cyber attack in 2025. However, GAME, a high street retailer, is at risk of collapsing for the second time, as it initiates administration proceedings.
Lastly, water bills in England and Wales are set to rise by an average of 5.4%, with some companies increasing prices by up to 13%. This upward trend in water bills is expected to continue over the next few years to support infrastructure investments. Additionally, car manufacturing in Britain experienced a 70-year low in production due to various factors, including import tariffs and a cyber attack on Jaguar Land Rover.
