There has been a 4 percent increase in customers moving accounts in the last year, due to new rules introduced in 2013 that ensure customers can switch accounts within seven working days.

The rules are designed to break the dominance of the Big Five banks: Lloyds, RBS, Barclays, HSBC and Santander. The sector’s competition watchdog is currently undertaking research into whether there is enough competition for current accounts in the UK, due to be published in September. It could well recommend that the banks be broken up, in order to allow for a more competitive market.

It seems the new rules are finally having the desired effect, with Bacs data showing that there were 1.1 million switches compared with 1.06 million over the same period one year before. 69 percent of Britons are now aware of the service, compared with 58 percent in the month of its launch.