The service has reported 19% increase in the first 11 months, compared to 925,985 switches made in the previous year.
Payments Council executive chairman Gerard Lemos said: "The service was designed to make life easier for customers by removing barriers to switching, with the aim of boosting competition in the banking sector.
"It’s clear from reviewing its very first year that it’s made great ground, empowering customers with the ability to switch their bank account easily and quickly if they choose to do so."
The service enables current account holders to switch their accounts in seven days as against the previous average of 18 to 30 days.
According to the council’s reports, around 70% of Britons were now aware of the service, 61% were confident and 87% customers felt it was easy to move accounts with the new service.
Though the Payments Council did not reveal the details of specific banks, Santander and Nationwide are said to be among the beneficiaries.
The Current Account Switch Service was introduced to infuse competition among the banks by encouraging cost-free switches.
The council said that 34 new and existing current account providers covering 100% of the UK’s market are offering the service to their customers.
Image: The current account switch service was introduced last year in the UK. Photo: courtesy of duron123 / FreeDigitalPhotos.net.
