Monzo, Starling and Chase have trumped the list of top banks for customer satisfaction in the latest list of best and worst banks in the UK from the Competition and Markets Authority (CMA).
In its latest round of the UK's best and worst banks, the CMA found customers were increasingly leaning towards digital banks which scored highly for customer satisfaction.
The banks have become popular for offering services and perks that traditional banks do not – this includes the best savings accounts and cashback on spending. This has also created greater competition in the current account market, and with more people shifting to online banking, easy-to-use app-based banks continue to score highly.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
According to Finder, 19.2 million people banked with online providers at the start of 2024 – up from 12.6 million the previous year.
Dan Turnbull, senior director of markets, CMA, said: “Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch.”
So, what banks are rated the best and which are the worst when it comes to customer satisfaction? Find out where your bank sits, and what to consider if you’re thinking about moving bank accounts.
Best UK banks – the winners
The CMA surveyed 1,000 customers of the UK’s 17 biggest current account providers. These are the best current account providers between July 2023 and June 2024.
Best current account providers
1. Monzo
2. Starling Bank
3. Chase
Best business current account providers
1. Monzo
2. Starling Bank
Tide and Handelsbanken (Joint in third place)
Best current account providers in Northern Ireland
1. Monzo
2. Starling Bank
3. Nationwide
The best business current account provider in Northern Ireland is Santander.
Best UK banks – the losers
The providers ranked the lowest in CMA’s survey.
The worst current account providers
1. The Co-operative Bank
2. Virgin Money
3. Royal Bank of Scotland
Worst business current account providers
1. Royal Bank of Scotland
2. The Co-operative Bank and Barclays (joint in 14th place)
3. HSBC
The worst current account providers in Northern Ireland
1. Ulster Bank
2. Bank of Ireland UK
3. Allied Irish Banks
The worst business current account provider in Northern Ireland is the Bank of Ireland UK.
How to pick the best current account
Deciding on the best current account for you will depend on what you need. Some things to think about when picking a current account include:
- Do you mostly spend using your current account? If so, then a current account that lets you earn cashback on your spending makes sense.
- Want to save more? Look out for linked savings accounts to get the top interest rates. See our best-buy savings account article for the latest savings rates on the market.
- Want extras? Packaged bank accounts can offer you extras like travel insurance or phone insurance for a monthly fee. You will have to do the maths to see if it is worth it and provides value for money. See our article on the top packaged bank accounts to see the latest deals.
- Online banking. If you mostly bank online or via an app, then a digital bank may suit you. You can read more in our article on the best and worst UK banks for online banking.
Current account switch deals – what incentives are on the market?
If you’re looking to move banks, some banks offer a cash bonus if you switch your current account to them. These deals come and go fast - currently, only two providers have a bonus offer if you move banks. You can get up to £190 with TSB or £175 with Barclays. See our article on the best bank switching deals to see the latest offers and how they work.
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
-
Why undersea cables are under threat – and how to protect themUndersea cables power the internet and are vital to modern economies. They are now vulnerable
