Britain’s favourite banks have been revealed, with Monzo, Starling and Chase leading the way
- Customers were asked how likely they were to recommend their bank
Official data shows that digital banks are leading the way when it comes to customer satisfaction.
Monzo, Starling and Chase are Britain’s favourite banks, according to the latest research from the Competition and Markets Authority.
Monzo, which recently reached 10 million customers in the UK, was ranked number one for overall customer satisfaction, followed by Starling and Chase.
Digital first: Monzo, Starling and Chase lead in customer satisfaction with bank accounts
To obtain the results, 1,000 customers of each of the 17 largest current account providers in the UK and around 500 customers of each of the 11 largest current account providers in Northern Ireland were asked whether they would recommend their provider to friends and family.
Customers were asked how likely they would be to recommend their bank account provider in general, the bank’s online and mobile banking services, its in-branch services and its overdraft services to friends and family.
Four in five Monzo customers said they were ‘very likely’ or ‘extremely likely’ to recommend a Monzo current account to friends or family.
For Starling customers, this figure was 79 percent and for Chase customers, it was 78 percent.
At the other end of the spectrum, Co-op Bank, Virgin Money and RBS scored lowest in overall customer satisfaction and in each of the other four categories.
The research found that 53 percent of Co-op customers said they would be ‘very likely’ or ‘extremely likely’ to recommend Co-op to a family member or friend.
For Virgin Money customers this figure dropped to 49 percent and for RBS customers to 46 percent.
Nationwide Building Society, Lloyds Bank and Metro Bank scored highest for best branch service, while Co-op Bank, Virgin Money and RBS again scored worst for branch service.
The CMA requires banks and mortgage lenders to clearly display the results of the research online and in branches so that customers can see if they could get a better experience with another provider.
In business current accounts, Monzo and Starling again came in first and second for customer satisfaction, while Tide and Handelsbanken came joint third.
The worst rated business current account providers were RBS, Co-op Bank, Barclays and HSBC.
Dan Turnbull of the CMA said: ‘It is important that banks listen to their customers and then provide services that work for them.
“Strong competition is the most effective way to improve the customer service experience.”
If a customer is not satisfied with his payment account or bank in general, he can easily switch to a new payment account provider via the Payment Account Switching Service (CASS).
CASS aims to transfer your payment account within seven days.
Many banks offer new customers cash bonuses and other rewards, such as cashback, if they change their current account in a bid to attract new deposits, with some banks paying up to £175.
> Five best current accounts: Check out This is Money’s guide to the best accounts for interest, benefits and cashback
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