A government survey of individuals and small businesses has found that Starling and Monzo are the most popular banks - both for business and for consumer banking.
Long-established high street banks are trailing behind newer online banks such as Starling and Monzo when it comes to customer service, according to a government survey.
The UK Competition and Markets Authority (CMA) has made it compulsory for all relevant banks to take part in these surveys and banks 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 that the top-performing banks in Great Britain are excelling both in business and personal banking. The top performers in business banking are:
- Starling Bank
- Monzo
- Handelsbanken
- Tide
- Metro Bank
- Santander
- Lloyds Bank
- NatWest
- Barclays
- Bank of Scotland
The bottom-ranking business account providers are: the Co-operative Bank (in 15th place), HSBC and Virgin Money (joint 13th).
The best bank account for your business will depend on what you want from your bank, as the Donut team found out when we reviewed business bank accounts.
Meanwhile, the top performers in personal banking are: Starling Bank and Monzo (equal first), First Direct, Metro Bank, Nationwide, Halifax, Barclays, Lloyds Bank, Bank of Scotland and Santander. The bottom-ranked personal current account providers are: Royal Bank of Scotland (16th), Virgin Money (15th) and TSB (14th).
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."
The Current Account Switch Service helps to make the process of changing banks much simpler; this free service is available to anyone with a personal or business current account in the UK.
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. The CMA enforces the Retail Banking Order; if you think your bank has breached the Retail Banking Order, send an email to: [email protected].
Written by Rachel Miller.