Today the CMA is publishing the results of the latest banking
satisfaction survey. This includes a league table – the 13th
published over 7 years – showing how personal and business
current account holders rated the quality of their experience.
These tables were first published following the Competition and
Markets Authority's (CMA) market investigation into retail
banking in 2016 and is a part of the Retail Banking Order.
The banks are required to provide contact details of their
personal and business current account holders to two market
research companies, so they can be surveyed.
The latest independent results from the large-scale survey
ranking the service quality of personal and business current
account providers in Great Britain and Northern Ireland are
available via the links below:
-
Ipsos (which covers
personal current accounts)
-
BVA-BDRC (which
covers business current accounts)
The survey is designed to show how personal and business account
holders rate the quality of services across the broad range of
banking offers such as online and mobile banking, overdrafts and
in-branch experience. For small business customers, the quality
of their relationship with their account manager and quality of
those services is also covered.
There are 2 new entrants in this year's survey – Chase is now
included in the Great Britain personal current accounts results
and Zemplar Bank is included in the Great Britain business
current accounts results.
The CMA requires banks and buildings societies to display the
survey results prominently online and in-branch so that customers
can see whether they can get a better experience elsewhere.
Great Britain results
Results are for the period July 2023 to June 2024
Overall, the top-ranked personal current account providers in
Great Britain are:
- Monzo (1st)
- Starling Bank (2nd)
- Chase (3rd)
The lowest-ranked personal current accounts providers in Great
Britain are:
- The Co-operative Bank (15th)
- Virgin Money (16th)
- Royal Bank of Scotland (17th)
Overall, the top-ranked business current account providers in
Great Britain are:
- Monzo (1st)
- Starling Bank (2nd)
- Tide and Handelsbanken (joint 3rd)
The lowest-ranked business current account providers in Great
Britain are:
- Royal Bank of Scotland (13th)
- The Co-operative Bank and Barclays (joint 14th)
- HSBC (16th)
Northern Ireland results
The top-ranked personal account providers in Northern Ireland
overall are Monzo, Starling Bank and Nationwide, while the
lowest-ranked current account providers are Ulster Bank, Bank of
Ireland UK and Allied Irish Banks.
Overall, the top-ranked business current account provider in
Northern Ireland is Santander, while the lowest-ranked business
current account provider is Bank of Ireland UK.
Dan Turnbull, Senior Director of Markets at the CMA, said:
It's important that banks listen to their customers and then
provide services in a way that works for them. Strong competition
is the most effective way to improve the customer service
experience, and this survey provides the transparency that people
need to be able to choose a new provider if they feel their bank
is not up to scratch.
Notes to editors:
- The 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 150,000 or more active account holders in Great
Britain and 20,000 or more business current 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)
- If customers think their bank has misinformed or overcharged
them, they can contact Citizens Advice or the Financial Ombudsman
Service.
- 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 take
action. Learn more about what
happens when banks breach the Order. Potential
breaches can be reported to general.enquiries@cma.gov.uk
-
Survey numbers below:
Total number of bank brands in GB - PCA =17 and BCA = 16
Total number of bank brands in NI - PCA =11 and BCA = 5
Total number of PCA customers in GB = 17,111
Total number of PCA customers in NI = 5,545
Total number of BCA customers in GB = 19,200
Total number or BCA customers in NI = 3,000
