More people switched to current accounts than ever before

However, that still represented only a fraction of the millions of current accounts used by individuals, small businesses and charities in the UK. That suggests that many less financially engaged customers who could benefit the most from switching may not have been involved.

In 2016 the Competition and Markets Authority CMA found that customers did not switch unless they had a problem with their bank, and most thought they had little to gain financially by moving.

Customers who decided to switch accounts could have done so for different reasons, whether that was due to a poor level of service or because their existing account was not working hard enough for them.

She said that many people were conscious of budgeting and maximising their income as their finances were squeezed by rising bills and prices.

In November when 157,376 accounts were moved, the highest monthly total of the scheme, according to the figures provided by banks. The quarter's total was also a record.

David Piper, head of payments operations at Pay. The highest level of switches this quarter shows the continued relevance of the service to consumers and businesses across the UK, according to the owner and operator of Cass. A decade of poor returns for those who put aside money in savings accounts coincided with better rates being offered to savers after the current account offers coincided with better rates being offered. The buying power of savings pots has been diluted by rising prices.