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Follow simple steps:
1.Change nameserver of domain as it take much time
2. Don't upload any new file to your existing host also disable same for site members
3.Through backup option select to create backup and in the otion select transfer to ftp server(which is your new hosting account)
4.It will take few hours with respect to your site size
5.Restore the site, in the meanwhile some additions may done to database of old site (like increase in visitors count, forum posts, article)
6.Backup the database and restore it on new site and delete old account quickly.
It may cause only 1-2 hours of downtime.
I have used this technique on my one site. No data loss.
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