Using migrations to migrate data from one table into another

I have two models user and account linked with each other as following

account.rb
belongs_to :user

user.rb
has_many :accounts

I want to move the data from column name in users table into column name in accounts table

I think the following should do the job but my question is if there is a better way of doing this inside a migration file considering if there are thousands of records?

Account.find_each do |account|
      if account.user.present?
        account.update_columns(name: account.user.name, xyz: account.user.xyz)
      end
end

Note: Once this migration will run I will remove the column user_id in accounts table removing the relationship between the two modals.