Monzo is the best bank in the UK and Virgin Money and RBS are the worst, according to a new Government survey.
The Competition and Markets Authority’s latest satisfaction survey, its 11th since the surveys began six years ago, asked customers how likely they would be to recommend their provider to a friend, relative or other business. The survey was based on a sample of 16,046 personal account holders and 18,000 business account holders.
Online-based banks performed well for personal accounts, with Monzo in first place, followed by Starling and First Direct.
On the other hand, Virgin Money and Royal Bank of Scotland were joint-last of the 16 banks in the survey.
For business accounts, Monzo and Starling were again in first place, followed by Handelsbanken. HSBC, the Co-Operative Bank and Virgin Money were listed as the worst three banks for businesses.
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.”
