UK banks ranked for best personal and business accounts

A new survey has questioned thousands of individuals and SMEs to find out how well banks are looking after their customers during these financially worrying times.

Following its investigation into the retail banking sector, the Competition and Markets Authority (CMA) made it compulsory for all relevant banks to take part in these surveys, so customers get the full picture.

Personal and small business current account holders were asked:

• How likely they would be to recommend their provider to a friend/relative/other business.
• The quality of: online and mobile provision/branch/overdraft service.

And then small businesses were specifically asked about the quality of the relationship management they receive.

Overall, the top-ranked personal current account providers in Great Britain are:

• Starling Bank (=1st)
• Monzo (=1st)
• first direct (3rd)

Overall, the bottom-ranked personal current account providers in Great Britain are:

• Royal Bank of Scotland (16th)
• Virgin Money (15th)
• TSB (14th)

Overall, the top-ranked business current account providers in Great Britain are:

• Starling Bank (1st)
• Monzo (2nd)
• Handelsbanken (3rd)

Overall, the bottom-ranked business current account providers in Great Britain are:

• The Co-operative Bank (15th)
• Virgin Money (=13th)
• HSBC UK (=13th)

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.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.