The latest data reveals that over a million current account switches were made for the third consecutive year. Nationwide led the way with 41,450 customers moving to the building society in July-September, attracted by incentives such as a £175 switching offer and annual £100 bonus payments through its profit-sharing scheme. Monzo and NatWest also saw significant customer additions, with 9,934 and 8,731 switches respectively during the same period.
In the busiest quarter of the year, the last three months of 2025 recorded 350,114 current account switches, bringing the total for the year to 1,054,521. Despite this, the numbers were lower than in the preceding years of 2023 and 2024 which experienced higher savings rates due to increased interest rates.
On the flip side, Santander lost almost 20,000 current accounts, while Halifax and JP Morgan’s Chase saw 17,341 and 7,623 customers switch away, respectively. John Dentry, a product manager at Pay.UK, the operator of the Current Account Switch Service (CASS), emphasized the healthy competition in the banking market, encouraging consumers to find accounts that better suit their needs easily and with confidence.
In other news, Waymo, a US firm, plans to introduce driverless cabs on UK roads starting this autumn. The autonomous taxi service, known as robotaxis, is set to launch in London by the end of the year, pending official safety approval. Waymo asserts that its advanced technology can significantly reduce traffic accidents and injuries to pedestrians and cyclists.
Furthermore, the company behind the Solfest music festival, held near Silloth, Cumbria, has gone into liquidation due to significant challenges. Established in 2004, Solfest featured renowned artists over the years, but its future events, including the 2026 festival scheduled for August, are now uncertain.
Lastly, a report predicts a potential surge in business failures in 2026, with tens of thousands of struggling firms facing financial distress. The hospitality sector, particularly hotels, bars, and restaurants, experienced a rise in critical distress due to subdued consumer spending, reflecting ongoing economic challenges.