Nationwide Building Society could be handing out free £100 cash bonuses later this year as new data suggests Britons are increasingly switching banks to find better deals.
Bank switching across the United Kingdom has reached record levels, with fresh data from the Current Account Switch Service (CASS) revealing that more than 319,000 customers moved their accounts during the opening quarter of 2026.
This represents a 43 per cent increase compared to the same period twelve months ago, as consumers increasingly seek out superior deals and financial incentives.
Notably, Nationwide Building Society emerged as the clear winner in this shifting landscape, securing over 64,000 net customer gains to cement its position as the country's most popular destination for account switchers.
Are you eligible for a free £100 cash bonus from Nationwide?
| NATIONWIDE BUILDING SOCIETYThe mutual's success significantly outpaced all competing providers, which has been largely fuelled by its £100 "Fairer Share" payment, a bonus distributed to eligible members for three consecutive years.
Thanks to Nationwide's mutual structure, which operates without shareholders, the building society is able to channel more funds back to its customer base.
Tom Riley, the director of retail products at 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."
Britons are switching current accounts to take advantage of savings deals | GETTY LATEST DEVELOPMENTS
Could you be eligible for free cash | GETTYWhile Nationwide Building Society flourished, other high street banks experienced substantial customer departures during the last quarter, based on CASS data.
Halifax suffered the heaviest losses, with more than 25,000 account holders departing, while HSBC saw in excess of 20,000 customers leave and Santander UK witnessed nearly 24,000 switches away from its services.
Furthermore, Barclays and Lloyds Bank performed more strongly, ranking as the next best performers after Nationwide Building Society.
Rachel Springall, a spokesperson for Moneyfacts, said: "It is incredibly positive to see more consumers vote with their feet and ditch their current account."
The Fairer Share Payment is typically announced in May | NATIONWIDE BUILDING SOCIETYShe 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.
"Nationwide offers an array of accounts to suit different needs, and because they are a building society, they give back to their members.
"At a time where big banks continue to close branches, mutuals give customers more face-to-face support, and Nationwide has pledged to keep its branches open over the next four years at least.
"Alongside these principles and having competitive current accounts, it is then no wonder to see it making the biggest net switching gains out of all other current account providers during the last quarter of 2025."