Which? has identified the leading current account providers and encouraged many customers to think about changing their accounts. The consumer advocacy organization assessed various aspects such as fees, overdrafts, charges, and benefits for its recent study. In addition, it consulted with over 6,600 customers to gauge their satisfaction levels with their existing accounts.
Six providers received the Which? Recommended Provider (WRP) designation, including Chase, Danske Bank, First Direct, Monzo, Nationwide, and Starling. Starling emerged as the top performer with an 86% customer satisfaction score, earning its seventh WRP accolade. It was rated five stars for both online and mobile banking and four stars for customer service.
Monzo achieved an 85% customer satisfaction score, receiving five stars for mobile banking convenience and four stars for overall customer service. First Direct secured an 84% customer satisfaction score and has been the longest-standing WRP for current accounts, holding the title for over a decade.
Nationwide also scored 84% in customer satisfaction, receiving four stars for in-branch service and five stars for online banking. Chase, a digital bank under JPMorgan, garnered an 82% customer satisfaction score, excelling with five stars for its mobile app and four stars for customer service, application ease, and telephone banking.
Danske Bank achieved an 80% customer satisfaction score, receiving mostly four-star ratings in categories such as overall customer service and online banking. Allied Irish Bank narrowly missed the WRP status despite an 85% customer satisfaction score. Revolut, scoring 83%, did not receive the WRP designation due to its status as an e-money provider in the UK, which excludes customers from the Financial Services Compensation Scheme.
A recent Which? survey of over 6,600 current account holders revealed that nearly 37% of people have remained loyal to the same provider for over 20 years, despite the introduction of new current accounts by several banks in recent years.
TSB received the lowest customer satisfaction score at 67%, with two-star ratings in categories like customer service and telephone banking, but achieved four stars for online and mobile banking. Virgin Money, Santander, and Halifax followed closely with a 71% customer satisfaction score.
Sam Richardson, Deputy Editor of Which? Money, emphasized the differentiation among banks, highlighting perks like fee-free spending abroad and instant spending notifications. He encouraged long-term customers to consider switching to one of the Which? Recommended Providers for better benefits and services.
Representatives from TSB, Virgin Money, Santander, and Halifax provided statements emphasizing their commitment to customer service and ongoing improvements in their banking services.
The Mirror contacted Santander and Halifax for their response to the article.