Nationwide Building Society’s £100 Fairer Share payment is driving record levels of bank switching across the UK. More than 319,000 customers switched banks in the first quarter of 2026. This marks a significant 43% increase from the previous year.
As a result, Nationwide gained over 64,000 net customers during this period, making it the most popular choice for account switchers. The £100 Fairer Share payment has been distributed to eligible members for three consecutive years.
In contrast, other banks are losing customers. Halifax lost over 25,000 customers last quarter. HSBC and Santander UK reported losses of over 20,000 and nearly 24,000 customers respectively.
The Fairer Share payment is part of Nationwide’s mutual structure, which allows it to return more funds to its members. Tom Riley from Nationwide stated, “Because we don’t have shareholders, we can give more back to our members.” This financial incentive appears to resonate with consumers.
Rachel Springall from Moneyfacts commented on the trend: “It is incredibly positive to see more consumers vote with their feet and ditch their current account.” She added that many consumers may struggle with the cost of living and need to find ways to make their money go further.
Nationwide has pledged to keep its branches open for at least the next four years. The Fairer Share Payment is typically announced in May each year.
As bank switching continues at this pace, observers suggest that more financial institutions may need to adapt their offerings to retain customer loyalty.