Nationwide gives update on £100 Fairer Share payments for 2026

A financial expert has responded to fresh figures revealing that increasing numbers of people are changing their banking current accounts in search of better deals. Numerous banks provide incentives to encourage switching. These typically include complimentary cash deposits alongside additional perks. Transfers are facilitated through the Current Account Switch Service to ensure a smooth transition. Rachel Springall, finance expert at Moneyfactscompare.co.uk , commented following the publication of the latest Current Account Switch Service dashboard from Pay.UK . She said: "It is incredibly positive to see more consumers vote with their feet and ditch their current account. However, many customers will feel loyal to their bank, so it's incredibly important to put some time aside to assess if they are really getting good value. "This inertia is still a barrier and it will take time to get more consumers in the habit of reviewing their current account package every year, like they would with their car insurance. If customers were enticed to switch right now, they can take advantage of some free cash or cost-saving perks from a raft of different brands. "Nationwide offers an array of accounts to suit different needs, and because they are a building society, they give back to its members. At a time when 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. "In comparison, Halifax, HSBC and Santander recorded the biggest losses, yet Barclays and Lloyds Bank had the next best net gains. "Over the coming months, 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. "Even if they are worried about payments moving across, they should feel safeguarded as the Current Account Switch Service (CASS) handles all the redirects. During Q1 2026, 90% of those who used the CASS in the last three years were satisfied with the overall process." Tom Riley, group director of retail products at Nationwide, said: "The latest figures show Nationwide continues to be the most switched‐to current account provider. Because we don't have shareholders, we can give more back to our members. "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. We also focus on supporting customers at every life stage – from keeping every branch open until at least 2030 and offering dementia clinics in branches, to welcoming more students than any other provider last year."