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Bank account switches reach 4-year low

The amount of people switching current bank accounts to other providers slumped to a new low in September 2017, according to research.

Only 57,779 individuals took advantage of the 7-day switching service last month, 4 years on from the launch of the scheme.

The figures for September 2017 were 13,082 down on August 2017, when 70,861 current account switches were recorded.

The number of people moving current accounts in September 2017 was also 52% lower than in March 2016, when 120,774 individuals changed providers.

An advertising campaign was launched last month but failed to make an impact, despite the Competition and Markets Authority claiming the average person could save £92 a year by moving providers.

The scheme was set up by the Current Account Switch Service in 2013, with the aim of simplifying the process of changing current account providers.

More than 99% of bank accounts are covered by the service, which is free to use and offers consumers the chance to pick a suitable date to switch within 7 working days.