SME switching hits four-year high as over 10,000 businesses move accounts

"The Current Account Switch Service has reveals that 10,393 small business and charity accounts were switched between July and September 2025 - up 43% on Q2 2025 (6,569). September led the surge with 4,319 switches, followed by August (3,521) and July (2,553). The Q3 surge highlights a significant uptick in switching The figures are a significant uptick on recent trends and marks the busiest quarter for SME and charity account switching since Q2 2021."

"More broadly, the Service reported a record quarter for 2025, with 265,083 total switches. July saw the highest switching volumes of any month this year with 111,224 switches, followed by August (78,669) and September (75,170). It has also recorded a total of 12.1 million switches since its inception 12 years ago. The Service averaged a seven-day switch completion rate of 99.5% in Q3 2025 and public awareness levels were 78%."

"Amid record levels of consumer switching, this data shows that businesses are also taking advantage of our Service to ensure their finances are in the right place. A bank account is a crucial yet often overlooked part of running a business. If you're still using a business current account, you might be missing out on financial management and tracking tools, access to business advisory services, hassle-free tax reporting, and stronger financial"

Q3 2025 saw 10,393 SME and charity account switches between July and September, a 43% increase on Q2. Monthly volumes were 2,553 in July, 3,521 in August and 4,319 in September. The quarter was the busiest for SME and charity switching since Q2 2021. Customer data reported three months in arrears show Monzo with the highest net switching gains (2,185 between April and June 2025), followed by Clydesdale (1,340), Starling (524) and Allica (421). The Service recorded 265,083 total switches in the quarter, a 12.1 million lifetime total, a 99.5% seven-day completion rate, 78% public awareness, 91% satisfaction and 89% recommendation rates.

Read at London Business News | Londonlovesbusiness.com