Survey reveals lowest ranked banks by customers

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 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.

Great Britain results

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)

Overall, the top-ranked business current account providers in Great Britain are:

• Starling Bank (1st)
• Monzo (2nd)
• Handelsbanken (3rd)

Overall, the bottom-ranked business current account providers in Great Britain are:

• The Co-operative Bank (15th)
• Virgin Money (=13th)
• HSBC UK (=13th)

In response to the business rankings, a representative for The Co-operative Bank, avoiding the CMA verdict, told us: “We strive to continually enhance our SME customer experience to meet the needs of our customers.”

When asked for comment, a spokesperson for Virgin Money, who ranked 13^th for business accounts and 15^th for personal current accounts, told us: “While there is more work for us to do, we are confident that our ongoing investment in compelling customer propositions and digital innovation will deliver on that ambition.”

HSBC UK, told us: “We are committed to supporting our customers through difficult times” but added: “there is more we can and are doing.”, elaborating that they: “have significantly improved call waiting times, simplified a number of processes and introduced more digital tools to make it easier for customers to bank with us.”

Northern Ireland results

The top-ranked personal current account providers in Northern Ireland overall are Starling Bank, Monzo and Nationwide while the bottom-ranked current account providers are AIB, Bank of Ireland UK and Ulster Bank.

Overall, the top-ranked business current account providers in Northern Ireland are Santander and Danske Bank while the bottom-ranked business current account providers are Bank of Ireland UK and AIB.

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.” Land continued: “These results show how banks are treating their customers at a time when many are feeling the pinch." With Land empowering customers by stating: "If your bank doesn’t match up to the competition – you can vote with your feet and make a switch.”

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 act accordingly.