UK customers rank banks’ service during cost of living crisis

A new UK survey of thousands of individuals and small businesses has shown how well banks are looking after their customers as people face the rising cost of living, as reported on Monday, August 15.

The UK survey was made compulsory for banks by the Competition and Markets Authority (CMA) following its investigation into the retail banking sector.

In the survey, people and small businesses were asked how likely they would be to recommend their provider to a friend, relative or other business.

The quality of online and mobile provision, branch and overdraft services and, for small businesses and the quality of the relationship management they receive, was also covered by the service.

The results can then be used by customers to see how their bank is ranked on overall quality of service and make it easier for people to compare offers.

They also promote competition between providers, resulting in better experiences for all account holders.

The results saw the top-ranked personal current account providers in Great Britain saw Starling Bank and Monzo take a tied first place, with First Direct coming second.

The bottom-ranked personal current account providers in Great Britain saw the Royal Bank of Scotland take 16th place, with Virgin Money taking 15th place and TSB 14th.

The top-ranked business current account providers in Great Britain saw Starling Bank take first place, Monzo second and Handelsbanken third.

The bottom-ranked business current account providers in Great Britain saw The Co-operative Bank come 15th, Virgin Money and HSBC UK tie in 13th place.

The news comes after the Bank of England has raised its interest rates to 1.75 per cent and issued a warning of a recession expected for the end of the year, as reported on Thursday, August 4.

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