Monzo tops CMA’s list of best banks
Customers were most likely to recommend Monzo to their friends and family, and least likely to recommend Virgin Money and Royal Bank of Scotland
Monzo has once again topped the list of the best banks in the UK.
The digital bank took a clean sweep across almost all rankings in the Competition and Markets Authority’s (CMA) latest satisfaction survey, topping the list for both personal and business current account providers in Great Britain.
Meanwhile, TSB, Virgin Money and Royal Bank of Scotland sat at the bottom of the list.
Having come joint first with Starling Bank last year for overall service quality, with a score of 81 per cent, Monzo’s score dropped by 1 per cent this year, but edged ahead of its rival by 1 per cent.
Monzo, Starling and First Direct took the top three spots across three out of four categories — overall service, online and mobile services and overdraft services — only stepping aside for Metro Bank when it came to branch services due to their lack of branches.
“How banks treat their customers can make an enormous difference to their daily lives, particularly when people and small businesses are feeling the pinch,” CMA senior director of remedies, business and financial analysis Adam Land said.
“These results make it easy for people to see in branch, or at the click of a button, which banks are listening to their customers and meeting their needs. This puts pressure on poorly performing banks to raise their game.”
On the business side of the rankings, Monzo, Starling and Handelsbanken took the top three spots, while HSBC, The Co-operative Bank and Virgin Money were the worst ranked.
The survey was the eleventh edition of the services quality league table which was introduced six years ago as part of the Retail Banking Order, a set of reforms introduced following a CMA retail banking market investigation back in 2016.