Data has been released by the Current Account Switch Service
Current account switching levels fell by around 30% annually last year, according to data from the Current Account Switch Service.
Some 704,560 current account switches took place in 2020 – made up of 652,369 personal and 52,191 business current account switches.
This compared with 1,002,029 switches recorded the previous year.
Under the service, switches are completed in seven working days. Previously it could take up to 30 working days to switch.
Payments are automatically moved over to the new account and a guarantee ensures the customer is not left out of pocket if something goes wrong with the switch.