There were 609,300 current account switches during the period 1 October to 31 March, a 14 per cent year-on-year increase. The Payments Council has issued a six-month dashboard for the new current account switch service which also shows that 67 per cent of people in the UK are now aware of it, up from 59 per cent at the end of 2013. Whilst customer confidence in the offering increased from 58 per cent to 65 per cent over the same time period.

Gary Hocking, managing director at the Payments Council, says: “By making the current account switch service quick, hassle-free and removing the fear factor we’ve taken away the barriers customers told us they had when it came to switching. Six months in and the latest figures suggest people clearly seem to be getting the message that things have changed for the better. There’s also been a noticeable surge of advertising activity from current account providers big and small, suggesting that the new service is helping foster competition and choice for customers. As time goes on and the track record of the new service builds, we look forward to these encouraging results continuing.”

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