Competition and Markets Authority (CMA): Customer survey ranks banks amid cost of living crisis

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 are available via the links below:

• Ipsos (which covers personal current accounts)
• BVA BDRC (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. 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 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 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:

• The Co-operative Bank (15th)
• Virgin Money (=13th)
• HSBC UK (=13th)

Northern Ireland results

The 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’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. 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.”