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October 2023 - Financial Services

Customer banking satisfaction survey reveals top-ranked personal current account providers:  A survey by the Competition and Markets Authority has highlighted the top-ranking personal current account providers, as well as those at the bottom of the table. The survey also look at the top-ranked business accounts.

The large-scale survey is carried out each year to look at the quality and service customers receive from their personal and business account providers and how likely they would be to recommend them to a friend, relative, or other business. Questions were also asked around the quality of mobile banking, branch service quality and for businesses polled, the quality of the service and relationship management achieved. 

Overall service quality

Ranking top for overall service quality was Monzo, with 80% of respondents saying they would recommend their personal current account provider to friends and family. This was followed by Starling Bank in second (79%),  and First Direct (78%) making up the top three. Nationwide and Metro Bank were joint 4th in the table (both 67%).

The bottom-ranking personal current account providers in Great Britain for overall satisfaction were Virgin Money and Royal Bank of Scotland in joint 15th position, with TSB in 14th.

The survey also looked at online and mobile banking services, with Starling Bank taking the top spot (85%), followed by Monzo (84%) and First Direct (80%). Halifax was found to be in fourth (78%), followed by Barclays (77%).  When it comes to overdraft services, Monzo ranked top (74%), followed by Starling Bank (73%), First Direct (72%), Metro Bank (66%) and Bank of Scotland (63%). 

Looking at business current accounts, Monzo was found to be the top provider, followed by Starling Bank and in third, Handelsbanken. At the bottom of the table was HSBC UK in 15th place, with the Co-operative Bank in 14th and Virgin Money in 13th.

Northern Ireland

Results were also compiled for Northern Ireland with Monzo, Starling Bank and Barclays ranking at the top of the table for personal accounts, and Ulster Bank, Bank of Ireland UK and Allied Irish Banks at the bottom.

Looking at business current accounts, feedback placed Santander top, followed by Danske Bank and Ulster Bank. At the bottom of the table were Bank of Ireland and Allied Irish Bank.

Adam Land, Senior Director of Remedies, Business and Financial Analysis at the CMA, said:

“How banks treat their customers can make an enormous difference to their daily lives, particularly when people and small businesses are feeling the pinch. These results make it easy for people to see in-branch, or at the click of a button, which banks are listening to their customers and meeting their needs. This puts pressure on poorly performing banks to raise their game.”

 

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