Consumers have missed out on millions of pounds in savings over the past 12 months by not switching their bank accounts, according to TSB.
Bilgo reported last month that more than 200,000 people switched current accounts between April and June, taking the total to nearly four million since the launch of the Current Account Switch Service in 2013.
But TSB said only 28% of Brits have heard of the service and more needs to be done to inform consumers.
The bank says the number of people switching accounts has fallen by 14% –about 150,000 people – in the past year.
With the average customer saving £70 by doing so, those 150,000 people could have saved a collective £10m.
According to a YouGov poll commissioned by TSB, 47% of people have never switched their current account and further 23% haven’t switched for more than a decade.
The research also showed that 41% of people believe it’s difficult to make an informed choice when switching accounts.
More than a third of people (38%) can’t see any benefits in switching and 28% say all products are the same.
TSB say these figures show that the investigation by the Competition and Markets Authority (CMA) into retail banking has backfired as the market is still not working for consumers.
Paul Pester, the bank’s CEO, said: “The CMA had a golden opportunity to fix the industry, by enabling consumers to make informed choices about their banking and ultimately putting them in control.
“But one year on and its attempt to get consumers a better deal has failed.
“People are still missing out on the benefits of switching – to the tune of another £10 million in the past 12 months.”
TSB wants all banks to tell customers how much they’re paying each month through a standard format monthly bill and to create to a solution for all customers to switch – including overdrafts users as they stand to gain the most.
“In a truly competitive market, consumers will be offered genuine choice and a level of transparency they’ve never seen before, so they can make informed choices and switch with ease,” said Mr Pester.
“Only then will consumers be empowered to vote with their feet and get a better deal.
“As Britain’s challenger bank, TSB will continue to campaign for a standard format monthly bill for all bank account customers, a switching service that works for everyone – including overdrafts users – and for the big banks to make their customers aware of their ability to switch.”
A spokesperson for the CMA said: “We agree that the banking market does not work well, because customers do not have the information they need to make the right choices.
"This lack of easily available information is a key block to people’s ability to switch. We’ve recommended a package of reforms, including a technological overhaul called Open Banking, to make it easier for customers to manage their finances, find the best deals and avoid overdraft charges. We firmly believe this will revolutionise the way people bank once it is in place from January.
“In the meantime, we are also driving forward other changes, including requiring banks to introduce a cap on unarranged overdraft charges and publish details of service quality. These improvements started to come into effect last week and will make it easier for customers to see if they can get a better deal elsewhere.”
A spokesperson for Bacs, the organisation that runs the Current Account Switch Service, said: "Innovation by banks as well as their active promotion of current account products are far more significant drivers of the market than the switching process, according to research we carried out with the University of Bristol.
"That said, four million customers have already used our Current Account Switch Service so far (a million a year). Our awareness figures are monitored using measures agreed with Her Majesty’s Treasury and these report awareness levels consistently above the agreed targets, at 75% or more.
"This has been achieved by effective and extensive advertising, PR, and social media campaigns, particularly targeting harder to reach customer groups such as overdraft users."