Nationwide £100 payout helps it top bank switching charts

Nationwide Building Society has once again come out on top as the UK’s most switched-to current account provider, with its £100 “Fairer Share” payment playing a key role in attracting customers.

The building society has handed out the bonus for three years running — and says it hopes to do so again.

£100 payments year after year

Unlike traditional banks, Nationwide says it can return more money to customers because it has no shareholders.

Tom Riley from Nationwide Building Society said: “Because we don’t have shareholders, we can give more back to our members.”

He added: “That’s why we’ve paid our £100 Fairer Share to eligible members for the last three years and hope to do so again this year.”

Switching boom as customers hunt value

New figures show bank switching is surging, with more than 319,000 switches in the first three months of 2026 – up 43% on the same period last year.

The data from Current Account Switch Service highlights a growing trend of customers moving accounts in search of better deals, perks and savings.

Nationwide led the way with over 64,000 net gains, far ahead of rivals.

Big banks losing customers

While Nationwide gained, several major banks saw significant losses:

• Halifax lost over 25,000 customers
• HSBC saw losses of more than 20,000
• Santander UK dropped nearly 24,000

Meanwhile, Barclays and Lloyds Bank were the next strongest performers behind Nationwide.

Why more people are switching

Experts say the cost-of-living squeeze is pushing more people to rethink their banking.

Rachel Springall from Moneyfacts said: “It is incredibly positive to see more consumers vote with their feet and ditch their current account.”

She added: “Consumers may struggle with the cost of living and need to quickly find ways to make their money go further, so switching a current account could be a wise move.”

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Is switching really that easy?

Despite concerns, the process is designed to be simple.

The switching service automatically moves payments and guarantees customers will not lose money if anything goes wrong.

In fact, around 90% of users say they are satisfied with the process.