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More than 600,000 switch bank providers under new system

More than 600,000 current account customers have switched providers in the six months since a new guarantee to take the "fear factor" out of changing banks was launched.

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Seven-day bank account switching 'not a game-changer'

The level of switching bank providers is still low, the executive director of consumer group Which? has said. Richard Lloyd said:

Despite an increase in public awareness and confidence, switching levels are still low, suggesting that the new seven-day service is not the game-changer that can significantly increase competition in banking.

We're pleased the Government has responded to our calls to make banks release better data about current account running costs. If done properly this should help people more easily compare banks and find the best account for them, which will inject much needed competition into the market.

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