You are here: Home - Saving-Banking - News -

Monzo named most popular bank, as TSB disappoints

Written by: Danielle Levy
Monzo has topped Which?’s bank satisfaction survey, underscoring the growing popularity of challenger banks.

Monzo, which operates a smartphone-only model, was named the most popular bank with a customer score of 86%, according to Which?. It finished above First Direct, which scored 85%.

Meanwhile, both banks achieved five stars for customer service.

Nationwide Building Society claimed third spot with a customer score of 79%, while Metro Bank came fourth with 76%.

The findings, which were based on survey results from over 4,000 members of the public, underscore the growing popularity of challenger banks – with Monzo and Metro Bank claiming two of the four top spots.

The survey results also suggest that customers do not find Monzo’s smartphone-only model restrictive.

Which?’s survey showed high dissatisfaction amongst TSB’s customers, following a string of IT meltdowns which left customers locked out of their accounts. It fell from fourth position in the previous survey in February of this year to joint-bottom position with Bank of Ireland.

Around 56% of TSB customers said they had experienced technical issues over the past 12 months, with the bank scoring poorly on customer service, telephone and online banking and complaint handling. It was awarded only two out of five stars in these categories.

Royal Bank of Scotland also scored poorly with a 60% customer satisfaction, just ahead of TSB and Bank of Ireland.

“Our research shows a clear gap between the best and worst providers and should act as a catalyst for customers unhappy with their service to switch banks – as it’s never been easier,” Gareth Shaw of Which? said.

Shaw also welcomed the new-found dominance of challenger banks, which shows that innovation and modern ideas are shaking up the banking sector.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week