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Evening Standard

Anna Wise

Current account switching picks up pace in July before interest rates cut

Bank of England PAY Santander the Current Account Switch Service

Under-25s are to face a maximum £2 stake, while adults aged 25 and over will see a £5 limit from September (Alamy/PA) -

More than 100,000 current account switches took place in July as people locked into better savings deals before the Bank of England cut interest rates, new data has shown.

However, the total number of switches slowed between July and September compared with the first half of 2024.

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