Chase chases challengers away at the British Bank Awards 2023

Less than two years after its launch in the UK, JP Morgan’s Chase has been named as the Best British bank as part of the British Bank Awards 2023.

The title was previously held by Starling Bank from 2018 to 2021, and by Monzo in 2022, but will now transfer to the US giant Chase which has been winning customers from its rivals with its high interest rates and cashback rewards.

“We’re so proud to have been voted by our customers as the Best British Bank, Best Savings Provider and Best Current Account at the British Bank Awards last night," Chase UK CEO Sanjiv Somani told AltFi.

“When we launched in 2021, our mission was to create a best-in-class banking app and our incredible team at Chase is committed to keeping up the hard work and building a banking experience that our customers love.”

Monzo and Starling didn’t go home empty handed however, with Monzo taking ‘Best banking app’ for the second year in a row and ‘Best credit card provider’ for its Flex offering, while Starling won ‘Best business banking provider’.

Rewards credit card Yonder was named ‘Best newcomer’ and Tembo, which was named ‘Best newcomer’ in 2022, won ‘Best innovation’ for its range of guarantor mortgages. ClearBank took 'Technology partner of the year' and 'The pioneer award', while Freetrade was named 'Best online trading platform' for the fifth year running.

“The cost of living crisis means that financial service companies are providing an increasingly important role, supporting their customers during such a difficult time,” said Jacqueline Dewey, CEO of Smart Money People which runs the awards.

“They’re also facing additional pressures of their own, not to mention the challenges posed by frequent base rate changes and impending Consumer Duty requirements. So it’s great to recognise those going above and beyond during the past year.”

The British Bank Awards are entirely down to a public vote, with some 156,000 votes cast by customers for this year’s awards, nearly doubling the turnout from last year.

The 2023 winners of all 29 categories can be found below: