The number of current account switches in 2016 increased just three per cent year-on-year, new figures from the Current Account Switch Service show.

A total of 1.06 million switches were completed in the last 12 months (1 October 2015 – 30 September 2016), up from 1.03 million in the same period a year ago.

According to the latest figures, three quarters of people in the UK were aware of the Current Account Switch Service – up 16 percentage points since launch. To encourage more users in the future, the firm launched of a new website and a multi-million pound media campaign last month to coincide with the service’s third anniversary.

Launched in September 2013, the Current Account Switch Service is a free-to-use service for consumers, small charities, small businesses and small trusts designed to make switching current accounts simple, reliable and hassle-free.

The service aims to increase competition on the High Street, support the entry of new banks in the current account marketplace and give customers a greater choice when switching from one bank or building society to another.

All aspects of the Current Account Switch Service are managed and owned by Bacs, the company responsible for Direct Debit and Bacs Direct Credit in the UK.

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