A growing number of banking customers are being urged to switch providers – and one particular perk is driving this trend.

Nationwide Building Society has held onto its status as the UK’s top choice for people moving their primary current account, thanks largely to its £100 Fairer Share payout.

The mutual society has offered this reward for the third year in succession and Signalled its intention to maintain the scheme.

Annual £100 Payments

Nationwide highlights that its status as a mutual organisation, free from external shareholders, enables it to channel more money back to customers.

Tom Riley of Nationwide Building Society explained that because the society has no shareholders, it can pass on greater value to its members.

He added that this is why Nationwide has been able to offer its £100 Fairer Share to eligible members over the past three years and plans to repeat it this year.

Rise in Account Transfers as Customers Hunt for Better Deals

Recent data shows a steep jump in account switching, with over 319,000 moves completed during the first quarter of 2026 – a 43% rise against the same period the prior year.

Statistics from the Current Account Switch Service reveal an increasing pattern of customers shifting their finances to secure better terms, perks, and potential returns.

Nationwide led the field with more than 64,000 net new accounts, comfortably ahead of rivals.

Traditional Banks See Customer Outflows

While Nationwide gained custom, several major lenders saw significant declines:

Halifax lost over 25,000 customers

HSBC shed more than 20,000

Santander UK fell by nearly 24,000

Barclays and Lloyds Bank performed best after Nationwide.

Reasons Behind the Surge in Switching

Experts put the increase down to financial pressures pushing customers to review their banking options.

Rachel Springall of Moneyfacts noted that it is positive to see more customers taking action by leaving their existing account.

She observed that households may be struggling with the cost of living and need quick ways to make their money go further, making a current account switch a sensible choice.

Does the Switching Process Truly Work Smoothly?

Despite ongoing scepticism, the process is designed to be hassle-free.

The switching service manages all payment transfers automatically and guarantees customers will not lose money if any problems occur.

In fact, roughly nine in ten users say they are happy with the experience.