Menu
Save, make, understand money

News

Revealed: The best and worst current account providers

Rebecca Goodman
Written By:
Rebecca Goodman
Posted:
Updated:
21/11/2023

Challenger bank Monzo has been voted as the best UK bank for its current account and 80% of customers said they would recommend it to friends or family members.

It was followed by Starling Bank in second place, with a score of 79%, then First Direct, with a score of 78%.

Of the big banks and building societies, Nationwide was in joint fourth place with Metro Bank, both with a score of 67%.

In sixth place there were three banks with a score of 64%, Lloyds, Barclays, and Halifax according to the survey of 16,046 people by Ipsos Mori.

At the other end of the scale, Royal Bank of Scotland and Virgin Money were joint last, with a score of 48%.

Customers were asked how likely they would be to recommend their current account provider to friends and family members. They were also asked to rank how their provider carries out online and mobile banking, branch services, and overdraft facilities.

Monzo and Starling top the tables

For online and banking app services, Starling Bank was top with a score of 85%, followed by Monzo with 84% and First Direct with 80%. The Co-operative Bank came last, with a score of 56%, followed by Virgin Money with 63%.

In the overdraft table, Monzo was top, with a score of 74%, followed by Staling Bank with 73% then First direct with 72%. Royal Bank of Scotland was last, with 50%, followed by TSB with 52%.

Lastly for services in branches, Metro Bank was top with 72%, followed by Bank of Scotland and Halifax with 69%. In the bottom spot was Royal Bank of Scotland with a score of 49%.

The survey is carried out as part of the Retail Banking Order reforms, which were put in place by the Competitions and Markets Authority (CMA) in 2016. This is the eleventh time the league table has been published in the last six years.

A Virgin Money spokesperson, said: “At Virgin Money, we offer a great range of accounts and products for both business and personal customers. We remain determined to give customers the best products, rates and services to allow customers to make the most of their money.”

An RBS spokesperson, said: “We can do more to improve the experience for customers in certain aspects of our service. We’re investing in dedicated teams focussed on making targeted improvements for customers in order to address the areas where our service falls short of expectations.”