Latest banking satisfaction survey results released by CMA

Today the CMA publishes the latest results from its Bank Satisfaction Survey, the 13th in seven years, showing how personal and business current account holders rate the quality of their experience. The table was first published after the Competition and Markets Authority (CMA) conducted a market survey of retail banking in 2016 and is part of the Retail Banking Order. Banks are required to provide contact details of personal and business current account holders to two market research firms to conduct the survey.

The latest independent results of a major survey ranking the service quality of personal and business current account providers in England and Northern Ireland can be found at the link below.

Ipsos (including personal checking accounts) BVA-BDRC (including corporate checking accounts)

This survey is designed to show how personal and business account holders rate the quality of service across a range of banking services, including online and mobile banking, overdrafts and in-branch experiences. For small business customers, it also covers the quality of their relationship with their account manager and the quality of that service.

There are two new banks in the survey this year: Chase is now included in the UK personal checking account results, and Zemplar Bank is included in the UK business checking account results.

The CMA requires banks and building societies to display the survey results prominently online and in branches so customers can see if they might get a better experience elsewhere.

UK Results

The results cover the period from July 2023 to June 2024.

Overall, the top-ranked personal savings account providers in the UK are:

Monzo (1st) Starling Bank (2nd) Chase (3rd)

The UK's lowest-ranked personal checking account providers are:

Co-operative Bank (15th) Virgin Money (16th) Royal Bank of Scotland (17th)

Overall, the top-ranked corporate current account providers in the UK are:

Monzo (1st) Starling Bank (2nd) Tide and Handelsbanken (joint 3rd)

The UK's lowest-ranked corporate current account providers are:

Royal Bank of Scotland (13th) The Co-operative Bank and Barclays (joint 14th) HSBC (16th) Northern Ireland Results

The highest ranked personal account service providers across Northern Ireland are Monzo, Starling Bank and Nationwide, while the lowest ranked current account service providers are Ulster Bank, Bank of Ireland UK and Allied Irish Banks.

Overall, the highest ranked corporate current account provider in Northern Ireland is Santander, while the lowest ranked corporate current account provider is British Irish Bank.

Dan Turnbull, CMA’s senior director of markets, said:

It is important that banks listen to their customers and serve them in a way that suits them. Strong competition is the most effective way to improve customer service experiences, and this survey provides transparency so that people can choose a new provider if they feel their bank is not meeting their standards.

Editor's note: The CMA cannot comment on the performance of individual banks. Journalists should contact individual banks for further details. In England, personal account providers (such as banks and building societies) with more than 150,000 active account holders and more than 20,000 business current accounts are required to collect and publish this data. In Northern Ireland, this is 20,000 for personal current accounts (PCAs) and 15,000 for business current accounts (BCAs). If a customer believes their bank has provided incorrect information or overcharged them, they can contact the Citizens Advice Bureau or the Financial Ombudsman Service. The CMA enforces the Retail Banking Orders and regularly checks to see if banks are complying with their obligations. If the CMA believes the Orders are being breached, it can take action. Find out more about what happens when a bank breaches the Orders. Potential breaches can be reported to general.enquiries@cma.gov.uk.

The survey numbers are as follows:

Total number of bank brands in GB – PCA = 17 and BCA = 16

Total number of bank brands in NI – PCA = 11, BCA = 5

Total number of PCA customers in GB = 17,111

NI's total number of PCA customers = 5,545

Total number of BCA customers in GB = 19,200

NI's total number of BCA customers = 3,000

For all public enquiries, please contact the CMA General Enquiries Team on general.enquiries@cma.gov.uk or by telephone on 020 3738 6000. For media enquiries, please contact the CMA Press Office on 0203 738 6460 or press@cma.gov.uk.

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