The UK’s best and worst banks have been revealed by the Competition and Markets Authority (CMA).
The CMA has announced its latest rankings, revealing which banks are topping the list – and which are bottoming out to the table.
Chase has overtaken Monzo as Britain’s favourite bank, as digital providers continue to outperform the high street giants.
The CMA published the findings of its latest survey of some 23,000 people in Britain and Northern Ireland, carried out by Ipsos.
Chase was named top, with 81% of customers saying they would be likely to recommend the account to friends and family.
Monzo was named second with 80%, having previously topped the table two years running. Starling Bank ranked third for overall service quality.
A number of high profile banks finished outside the top 10: Barclays came in 10th place, NatWest 11th and HSBC 13th.
Chase UK’s chief executive Kuba Fast, said: “Our focus at Chase is on providing our customers with an exceptional experience at every opportunity, so we’re delighted to be recognised by our customers for the quality of our service.”
Royal Bank of Scotland (RBS) was at the bottom of the key ranking for another year. Virgin Money ranked 16th, while The Co-operative Bank placed slightly higher at 15th.
Separate data published last month found that Monzo, which is now the UK’s seventh-largest bank with some 11 million customers, gained more than 5,000 customers via the Current Account Switch Service between July and September last year.
The service automatically moves payments from a person’s old account to a new one – with the figures not including customers switching banks outside the service. On the other hand, Royal Bank of Scotland lost more than 5,000 current account customers through the switching service over the same period
Monzo was the highest-rated bank for its online and mobile banking services, as well as for its overdraft services.
Chase 81%
Monzo 80%
Starling Bank 79%
First Direct 75%
Nationwide 69%
Lloyds Bank 67%
Halifax 66%
Bank of Scotland 65%
Metro Bank 65%
Barclays 63%
NatWest 58%
Santander 57%
HSBC 57%
TSB 55%
The Co-operative Bank 52%
Virgin Money 49%
Royal Bank of Scotland 46%
