A recent study from Which? has identified the leading current account providers and advised customers to consider switching. The analysis by the consumer rights organization assessed various aspects such as fees, overdrafts, charges, and benefits. Additionally, over 6,600 customers were surveyed to gauge their satisfaction levels with their current 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 impressive customer score of 86% and secured its seventh WRP badge. The bank received a perfect five-star rating for both online and mobile banking and four stars for customer service.
Monzo achieved an 85% customer score, with five stars for mobile banking ease and four stars for overall customer service. First Direct obtained an 84% customer score and holds the record for the longest-running WRP, maintaining the award for over a decade.
Nationwide, also with an 84% customer score, received four stars for in-branch service and five stars for online banking performance. Chase, a digital bank under JPMorgan, scored 82% with five stars for its mobile app and four stars for customer service, application process ease, and telephone banking.
Danske Bank received an 80% customer score and mostly four-star ratings, particularly for overall customer service and online banking. Allied Irish Bank narrowly missed the WRP status despite an 85% customer score. Revolut, scoring 83%, did not qualify as a WRP due to its e-money provider status in the UK.
According to the Which? survey of over 6,600 current account holders, nearly 37% have remained loyal to the same provider for over 20 years. TSB ranked lowest with a customer score of 67% and Virgin Money, Santander, and Halifax closely followed with a 71% score each.
Sam Richardson, Deputy Editor of Which? Money, highlighted the importance of exploring different bank offerings. He emphasized the benefits of switching to a Which? Recommended Provider, mentioning perks like fee-free spending abroad and lucrative bonuses. Richardson encouraged customers to take advantage of hassle-free switching processes.
Representatives from TSB and Virgin Money expressed their commitment to enhancing customer service. Virgin Money detailed its efforts in recruiting additional customer service staff and extending branch hours. The Mirror sought comments from Santander and Halifax on the matter.