The UK Government’s consumer watchdog has shared the latest independent results from large scale surveys ranking how well banks are looking after their customers during the cost of living crisis.
Following its investigation into the retail banking sector, the Competition and Markets Authority (CMA) made it compulsory for all relevant banks to take part in these surveys, so that customers get the full picture. Account providers must display their ranking prominently both in branch and on their websites and apps.
Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.
The results show customers how their bank is ranked on overall quality of service and make it easier for people to compare offers. They also promote competition between providers, resulting in better experiences for all account holders.
Overall, the top-ranked personal current account providers in Great Britain are:
- Starling Bank (=1st)
- Monzo (=1st)
- first direct (3rd)
Overall, the bottom-ranked personal current account providers in Great Britain are:
- Royal Bank of Scotland (16th)
- Virgin Money (15th)
- TSB (14th)
Commenting on the results, Adam Land, Senior Director at the CMA, said: “As the rising cost of living bites, it’s important that people and businesses have the information they need to manage their money and make savings.
“These results show how banks are treating their customers at a time when many are feeling the pinch.
“When times are tough you find out who’s fighting your corner and if your bank doesn’t match up to the competition – you can vote with your feet and make a switch.”
Personal banking service quality - Great Britain
Rankings are in brackets.
- Starling Bank (=1)
- Monzo (=1)
- First direct (3)
- Metro (4)
- Nationwide (5)
- Halifax (=6)
- Barclays (=6)
- Lloyds Banks (8)
- Bank of Scotland (9)
- Santander (=10)
- NatWest (=10)
- HSBC UK (12)
- The Cooperative Bank (13)
- TSB (14)
- Virgin Money (15)
- Royal Bank of Scotland (16)
If you have found another bank that could give you a better deal, the Current Account Switch Service helps to make the process of switching much simpler.
This free service is available to anyone with a personal or business current account in the UK.
Check the list of participating banks and building societies to make sure you can use the Current Account Switch Service.
The survey was established as part of the Retail Banking Order - a set of reforms established by the CMA following its retail banking market investigation in 2016.
The CMA enforces the Retail Banking Order, and regularly checks that banks are doing what they’re required to do. If the CMA finds the Order is being breached, it can take action.
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