The latest independent results from large-scale surveys ranking the service quality of personal and business current account providers in Great Britain and Northern Ireland found that for business banking customers the Co-operative Bank, Virgin Money and HSBC UK were the least likely to be recommended.
Following its investigation into the retail banking sector, the 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.
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.
Personal and small-business current accountholders 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 showed 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 accountholders.
In Great Britain the overall, the top-ranked personal current account providers were Starling Bank (first), Monzo (equal first) and first direct (third). The overall, bottom-ranked personal current account providers were the Royal Bank of Scotland (16th), Virgin Money (15th) and TSB (14th).
For business accountholders the overall, top-ranked providers are Starling Bank (first), Monzo (second), and Handelsbanken (third) while the bottom-ranked business current account providers were the Co-operative Bank (15th), Virgin Money (=13th), HSBC UK (=13th).
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,” he said.
“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.
If you’ve 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.”
