Which? has identified the top current account providers and encouraged millions of customers to consider switching. The consumer rights organization evaluated various aspects such as fees, overdrafts, charges, and benefits in its recent survey, engaging with over 6,600 customers to gauge their satisfaction levels with their current accounts.
Six providers, including Chase, Danske Bank, First Direct, Monzo, Nationwide, and Starling, were granted Which? Recommended Provider (WRP) status. Starling emerged as the leader with an 86% customer score, securing its seventh WRP badge. It received top ratings for online and mobile banking, along with a four-star rating 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 title of the longest-standing current account WRP for over a decade.
Nationwide also scored 84%, receiving four stars for in-branch service and five stars for online banking. Chase, owned by JPMorgan, earned an 82% customer score, excelling in its mobile app with five stars. Danske Bank achieved an 80% customer score, predominantly securing four-star ratings in categories like overall customer service and online banking.
Despite a high customer score of 85%, Allied Irish Bank missed the WRP status, while Revolut, scoring 83%, was not named a WRP due to its e-money provider status lacking coverage under the Financial Services Compensation Scheme in the UK.
The survey highlighted that nearly 37% of current account holders have remained loyal to the same provider for over 20 years. TSB ranked lowest with a 67% customer score, receiving two stars in customer service and telephone banking but four stars for online and mobile banking. Virgin Money, Santander, and Halifax closely followed TSB with a 71% customer score each.
Sam Richardson, Deputy Editor of Which? Money, emphasized the importance of considering various bank perks and incentives, suggesting that switching to a Which? Recommended Provider could yield significant benefits. Richardson highlighted the ease of the switching process, including the transfer of direct debits hassle-free.
Representatives from TSB and Virgin Money expressed their commitment to enhancing customer service and digital offerings, emphasizing their dedication to providing quality banking services. The Mirror reached out to Santander and Halifax for comment.