Monzo tops banking satisfaction league

Monzo has been named the number one bank for customer satisfaction in the Competition and Markets Authority (CMA) league table.

The league table, the 13th published over 7 years, shows how personal and business current account holders rated the quality of their experience. These tables were first published following the Competition and Markets Authority’s (CMA) market investigation into retail banking in 2016 and is a part of the Retail Banking Order. The banks are required to provide contact details of their personal and business current account holders to two market research companies, so they can be surveyed.

The survey is designed to show how personal and business account holders rate the quality of services across the broad range of banking offers such as online and mobile banking, overdrafts and in-branch experience. For small business customers, the quality of their relationship with their account manager and quality of those services is also covered.

Dan Turnbull, Senior Director of Markets at the CMA, said “It’s important that banks listen to their customers and then provide services in a way that works for them. Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch.”

Results:

Overall, the top-ranked personal current account providers in Great Britain are:

• Monzo (1st)
• Starling Bank (2nd)
• Chase (3rd)

Overall, the top-ranked business current account providers in Great Britain are:

• Monzo (1st)
• Starling Bank (2nd)
• Tide and Handelsbanken (joint 3rd)