The best and worst banks in the UK
Challenger banks continue to lead the way in the latest set of banking satisfaction results published by the Competition and Markets Authority (CMA).
The league table is the 14th of its kind and sees Monzo ranked as the number one for consumers in both Great Britain and Northern Ireland, while traditional banks generally scored lower than their digital rivals.
Introduced by the CMA as part of its Retail Banking Order, the banking satisfaction survey is an annual review conducted by independent research companies Ipsos and BVA-BDRC.
The large-scale survey ranks the service quality of personal and business current account providers in Great Britain and Northern Ireland. It is designed to highlight how banks are serving their customers and scores them on a range of banking services – such as online and mobile banking, overdrafts, and in-store experience. For small business customers, it also considers the role and service provided by their account manager.
There is one new entrant in this year’s survey: Mettle, a new online business current account provider from NatWest for sole traders and companies of up to two owners.
A summarised list of winners and losers in each category can be found below:
Personal current account providers (out of 17)
- 1st – Monzo
- 2nd (joint) – Chase
- 2nd (joint) – Starling Bank
- 15th – The Co-Operative Bank
- 16th – Virgin Money
- 17th – Royal Bank of Scotland
The full list can be found here.
Business current account providers (out of 17)
- 1st – Monzo
- 2nd – Mettle
- 3rd – Starling Bank
- 14th (joint) – Barclays
- 14th (joint) – HSBC UK
- 14th (joint) – Bank of Scotland
- 17th – The Co-Operative Bank
The full list can be found here.
The CMA requires banks and building societies to display the survey results prominently both online and in-branch, so their customers can see how their bank is faring – and consider whether they could get a better experience elsewhere.
“This data puts power into customers’ hands. Whether it’s for a personal or business account, people can see how their bank fares against others – and stay or switch, according to their needs,” said Daniel Turnbul (Senior Director of Markets at the CMA).
“It also puts pressure on banks to listen to feedback and think about whether the services they provide are working for customers.”
