300,000 make current account switch

Press Association
'Free' bank account costs revealed
'Free' bank account costs revealed

More than 300,000 people have switched their current account in the three months since a new guarantee to take the hassle out of changing banks was launched, showing a surge of almost one fifth year-on-year.

The Payments Council, which oversees the new initiative to help shake up competition in the sector, said that a total of 306,240 switches were made in the last three months of 2013, marking a 17% increase on the same period a year earlier.