Figures from the Current Account Switch Service (Cass) show that the most recent quarter, from July to September, was the busiest on record, with 265,100 people moving their accounts. This data only includes switches made through the official service.

Nationwide Building Society was the biggest beneficiary, gaining over 54,000 customers in the third quarter. The Co-operative Bank, Monzo, and HSBC also saw significant net gains. In contrast, Santander lost approximately 23,000 customers, while Barclays and Halifax lost around 18,300 and 14,750 respectively.

The primary motivation for switching appears to be the quality of digital services. Polling revealed that 44% of people who switched preferred their new provider due to better online or mobile banking. This trend highlights the growing pressure on high street lenders to modernise their technology amid staunch competition from digital-first banks.