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

Monzo named most popular bank, as TSB disappoints

0
Written by: Danielle Levy
03/12/2018
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.

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

Your rights for refunds if travel is affected by strikes

There have been a wave of strikes this year across many different industries, and more are planned over Christ...

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.

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?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week