CMA releases banking satisfaction survey results
Bank scores reveal what’s out there for customers and holds providers to account during time of financial pressure
Image credit: iStock
Today marks the 11th publication over 6 years of the services quality league table of personal and business current account providers. The survey was established as part of the Retail Banking Order – a set of reforms put in place by the Competition and Markets Authority (CMA) following its retail banking market investigation in 2016.
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:
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 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. Customers who find another bank offering a better deal can use the Current Account Switch Service to help make the process of switching much simpler. This free service is available to anyone with a personal or business current account in the UK.
Great Britain results
Results are for the period July 2022 to June 2023
Overall, the top-ranked personal current account providers in Great Britain are:
- Monzo (1st)
- Starling Bank (2nd)
- First direct (3rd)
Overall, the bottom-ranked personal current providers in Great Britain are:
- Virgin Money (=15th)
- Royal Bank of Scotland (=15th)
- TSB (14th)
Overall, the top-ranked business current account providers in Great Britain are:
- Monzo (1st)
- Starling Bank (2nd)
- Handelsbanken (3rd)
Overall, the bottom-ranked business current account providers in Great Britain are:
- HSBC UK (15th)
- The Co-operative Bank (14th)
- Virgin Money (13th)
Northern Ireland results
The top-ranked personal account providers in Northern Ireland overall are Monzo, Starling Bank and Barclays, while the bottom-ranked current account providers are Ulster Bank, Bank of Ireland UK and Allied Irish Banks.
Overall, the top-ranked business current account providers in Northern Ireland are Santander, Danske Bank and Ulster Bank, while the bottom-ranked business current account providers are Bank of Ireland and Allied Irish Bank.
Adam Land, Senior Director of Remedies, Business and Financial Analysis at the CMA, said:
“How banks treat their customers can make an enormous difference to their daily lives, particularly when people and small businesses are feeling the pinch.
“These results make it easy for people to see in branch, or at the click of a button, which banks are listening to their customers and meeting their needs. This puts pressure on poorly performing banks to raise their game. If the service and quality offered by your bank has been below par, then you may well be able to do better by making a switch.”
Notes to editors
1 . The CMA cannot comment on the performance of individual banks. Journalists should speak to the individual banks for further explanation.
2 . 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)
3 . Tell us if you think your bank has breached the Retail Banking Order. Get in touch at general.enquiries@cma.gov.uk
4 . Please note that the CMA doesn’t 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 Citizens Advice or the Financial Ombudsman Service.
5 . 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
6 . Survey numbers below
-
Total number of PCA customers in GB = 16,046
-
Total number of PCA customers in NI = 5,528 Total number of BCA customers in GB = 18,000
-
Total number or BCA customers in NI = 3,000
7 . Separately today, the CMA has also published letters to two major current account providers, The Co-operative Bank and NatWest Bank, who have breached the Retail Banking Order. The Order requires banks to publish in their branches and online the results of the SQI surveys, showing where the bank fits against its competitors when marked for its service quality. However, these two banks failed to publish up to date information during specified periods.
8 . For media enquiries, please contact the CMA press office on 0203 738 6460 or press@cma.gov.uk