A total of 704,560 current account switches took place last year, made up of 652,369 personal and 52,191 business current account switches. This compared with 1,002,029 switches recorded the year before.

Under Cass, switches are completed in seven working days. Previously it could take up to 30 working days to switch. Payments are automatically moved over to the new account and a guarantee ensures the customer is not left out of pocket if something goes wrong with the switch.

The service can be used by individuals as well as small businesses with a turnover of up to £6.5 million, small charities with an annual income of less than £6.5m, and small trusts with a net asset value of less than £6.5m.

Over seven million switches have taken place since the launch of the service.

Returns on savings have fallen to record lows during the pandemic. Some banks have made changes their current accounts to make them less generous, although some have recently offered new incentives to switch.

Consumer research carried out for Cass found that it had exceeded its overall 75% awareness target for 2020, with 79% of consumers saying they are aware of the service. Consumer satisfaction ratings also averaged 92% across the year.

Jo Kenrick, chair of Pay.UK Switching Services Participant Committee, said: “I am delighted with the progress that the Current Account Switch Service has made in 2020. Against a challenging economic backdrop, we have maintained a high quality, reliable service for individuals and small business and charities.

“The upheaval due to the pandemic causes us all to reflect on what’s important in our lives. Who we bank with may not be the priority and we have seen an impact on market activity in 2020. As a community, we must recognise the impacts of the pandemic will continue to be felt into the future and we must be prepared for this.”

Matthew Hunt, interim chief executive of Pay.UK, owner and operator of the Current Account Switch Service, added: “Obviously the impact of the pandemic has meant that account switching has not been at the forefront of people’s minds.

“But we have worked hard to keep our critical infrastructure functioning and CASS has ensured that it has met its primary function: to help those who want to switch their bank accounts without difficulty. It is a valuable model to the financial services industry that shows how the power of collaboration can support customers’ needs in a changing world.”