The Competition and Markets Authority has ranked Monzo as the UK’s best bank for personal and business accounts.
Personal and small business current account holders were surveyed on how likely they would be to recommend their provider to friends, family, or other businesses. The survey also assessed the quality of online and mobile services, branch and overdraft offerings, and the quality of relationship management for small businesses.
To enhance service quality, personal account providers with over 150,000 active account holders in Great Britain and more than 20,000 small business accounts are required to collect and publish this data.
The results revealed noteworthy insights for large UK banks, with Monzo achieving the top rank for both personal and business accounts, while rival online bank Starling secured second place in both categories. In contrast, Virgin Money, Royal Bank of Scotland, and TSB ranked lowest for personal accounts, with HSBC receiving the lowest score for business accounts.
Adam Land, senior director of remedies, business and financial analysis at the CMA, stated: “These results make it easy for people to see in branch, or at the click of a button, which banks are listening to their customers and meeting their needs. This puts pressure on poorly performing banks to raise their game. If the service and quality offered by your bank has been below par, then you may well be able to do better by making a switch.”