Monzo tops CMA banking satisfaction survey results

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: Ipsos (which covers personal current accounts) BVA-BDRC (which covers business current accounts) 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.”