Customer survey ranks banks amid cost of living crisis
A survey of thousands of individuals and small businesses shows how well banks are looking after their customers as people face the rising cost of living.
皇冠体育app latest independent results from large scale surveys ranking the service quality of personal and business current account providers in Great Britain and Northern Ireland are available via the links below:
- (which covers personal current accounts)
- (which covers business current accounts)
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. 皇冠体育app 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.
皇冠体育app results show customers how their bank is ranked on overall quality of service and make it easier for people to compare offers. 皇冠体育appy 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:
- 皇冠体育app Co-operative Bank (15th)
- Virgin Money (=13th)
- HSBC UK (=13th)
Northern Ireland results
皇冠体育app 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鈥檚 important that people and businesses have the information they need to manage their money and make savings.
皇冠体育appse 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鈥檚 fighting your corner and if your bank doesn鈥檛 match up to the competition 鈥� you can vote with your feet and make a switch.
If you鈥檝e found another bank that could give you a better deal, the 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.
皇冠体育app 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.
皇冠体育app CMA enforces the Retail Banking Order, and regularly checks that banks are doing what they鈥檙e required to do. If the CMA finds the Order is being breached, it can take action. Learn more about what happens when banks breach the Order.
Notes to editors
- For media enquiries, please contact the CMA press office on 020 3738 6460 or [email protected].
- 皇冠体育app CMA cannot comment on the performance of individual banks. Journalists should speak to the individual banks for further explanation.
- Personal account providers (such as banks and building societies) with more than 150,000 active account holders in Great Britain and more than 20,000 small business accounts are obliged to collect and publish this data. In Northern Ireland, the equivalent numbers are 20,000 for personal current accounts (PCAs) and 15,000 for business current accounts (BCAs).
- Tell us if you think your bank has breached the Retail Banking Order. Get in touch at [email protected].
- Please note that the CMA doesn鈥檛 intervene on behalf of individual customers, but we do enforce the requirements of the Order. If you think your supplier has misinformed or overcharged you, contact or the .