Monday 15 February 2021 10:55 am

Ranked: Monzo tops list of best UK banks as digital services thrive

Digital fintechs Monzo and First Direct provide better service to customers than traditional banks, according to a recent survey.

Ipsos MORI conducted a review of around 1,000 customers from each of the 19 biggest personal current account providers in the UK to rank the best and worst banks.

The findings are designed to compare the quality of service between the UK’s leading providers, as well gathering customer opinions on overdrafts and branches.

Read more: FTSE 100 trades flat as banks lead the biggest fallers

Digital dominates as Tesco languishes

Monzo and First Direct led the way for overall service quality, with 85 and 83 per cent of customers likely to recommend their services respectively.

Both banks placed in the top three for online and mobile facilities, sandwiching digital counterpart Starling in between them in second.

Metro Bank took a clean sweep of the overdraft and in-branch surveys, ranking first in both, with 82 per cent of customers likely to recommend its branch facilities.

Meanwhile, Tesco Bank slumped to the bottom of the league table, with only 47 per cent of customers willing to endorse its services.

Royal Bank of Scotland joined Tesco at the foot of the standings, matching its score.

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Best and worst UK banks for service

RankingBank
1Monzo85%
2First Direct83%
3Starling Bank82%
4Metro Bank76%
5Nationwide71%
6Barclays66%
7Lloyds Bank64%
8Halifax62%
9Bank of Scotland61%
10=NatWest58%
10=HSBC58%
12=Santander57%
12=The Co-operative Bank57%
14Virgin Money54%
15TSB53%
16Tesco Bank47%
16=Royal Bank of Scotland47%

League tables drive competition

Adam Land, senior director at the CMA, said: “These league tables are an invaluable resource for customers to find the best service on offer to suit their needs.

“By being able to access data on the best and worst performing banks and building societies, people can easily compare providers, driving more competition to improve the overall quality of service.”

Read more: Big tech must do more on financial fraud, Starling boss says

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