Around 306, 240 switches were made by customers using the UK Government’s current account switch service in the last three months of 2013, according to the Payments Council.
The rise was primarily due to launch of new rules on 16 September 2013 that ensured customers could switch accounts within seven days with automatic transfer of all outgoing and incoming payments.
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The fourth quarter of 2013 reported 17% increase in the number of customers switching bank accounts, compared to that in Q4 2012.
According to the Payments Council, banks were 99.6% successful in meeting the seven-day deadline for account switch and had completed 306,240 switches.
A research conducted by the governing body showed that six out of ten people in the UK were now aware of the current account switch service.
Payments Council CEO, Adrian Kamellard, said even though the current account switch service only launched a few months ago most people are already aware of it and are confident in it.
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By GlobalData"More than 300,000 switches in three months is an encouraging start and we hope this will be further boosted by the second wave of our national advertising campaign that kicked off this January," Kamellard added.
