Which? has unveiled its top current account providers and is encouraging numerous customers to explore switching options. The consumer rights organization assessed various product features such as fees, overdrafts, charges, and benefits in its recent survey. Additionally, they interviewed over 6,600 customers to gauge their satisfaction levels with their existing accounts.
Six providers secured the prestigious Which? Recommended Provider (WRP) status, including Chase, Danske Bank, First Direct, Monzo, Nationwide, and Starling. Starling emerged at the forefront with an impressive customer score of 86% and attained its seventh WRP accolade. It received a perfect five-star rating for both online and mobile banking, along with four stars for customer service.
Monzo achieved an 85% customer score, earning five stars for mobile banking ease and four stars for overall customer service. First Direct garnered an 84% customer score and holds the title of the longest-standing current account WRP, maintaining the award for over a decade.
In the evaluation, Chase, a digital bank under JPMorgan, acquired an 82% customer score. It excelled with five stars for its mobile app and four stars in categories like customer service, application convenience, and telephone banking. Danske Bank secured an 80% customer score and predominantly received four-star ratings, notably for their customer service and online banking.
Although Allied Irish Bank narrowly missed the WRP status despite an 85% customer score, Revolut also performed well (83%). However, it wasn’t named a WRP as it operates as an e-money provider in the UK, leaving customers uncovered by the Financial Services Compensation Scheme.
A recent survey by Which? revealed that nearly 37% of current account holders have remained loyal to the same provider for over two decades, despite the introduction of new accounts by several banks. TSB ranked lowest with a customer score of 67%, receiving two stars in areas like customer service and telephone banking, but securing four stars for online and mobile banking.
Virgin Money, Santander, and Halifax closely followed TSB with all three tied at 71%. Sam Richardson, Deputy Editor of Which? Money, emphasized the importance of switching banks for better benefits and highlighted perks like fee-free spending abroad and instant spending notifications becoming commonplace.
Richardson encouraged long-term loyal customers to consider switching to a Which? Recommended Provider for improved benefits and a hassle-free process of transferring direct debits. Representatives from TSB and Virgin Money expressed their commitment to enhancing customer service and banking experiences for their clients.
The Mirror reached out to Santander and Halifax for their comments on the rankings.