More customers opt to switch current account

The number of current account customers switching bank or building society is up by 6per cent year-onyear, figures show.

Between July 1 2017 and June 30 2018, 965,317 switches were completed, according to payments body Bacs, which oversees the current account switch service.

Nearly half a million (499,801) switches were completed in the first half of 2018, up 7per cent compared with the same period in 2017.

The rise comes after the seven-day switching service was launched in 2013, which aims to make it easier to move to another current account provider.