App-only newcomers Starling Bank and Monzo took the top spots in Smart Money People's 'Best British Bank' awards, bringing an end to First Direct's three-year reign and leaving traditional incumbents trailing in their wake.
The British Bank Awards, run by the consumer review website Smart Money People, polled over 24,000 UK consumers to help find the UK’s best and worst financial providers.
With the exception of HSBC offshoot First Direct, the top five providers all hailed from outside the traditional banking sector, with Starling Bank topping the poll, followed by Monzo, First Direct, Nationwide and Virgin Money. Alongside the Best British Bank acoclade, Starling also walked off with the award for best current account provider.
NatWest is the only bank to see its overall position improve, rising to sixth place, and also taking home the ‘Best Banking App’ award.
The remaining UK banking heavyweights all slid down the table, with the wooden spoon handed out HSBC joint venture M&S Bank, which saw its customer satisfaction score plummet from 70.6% in 2017 to 56.3% in 2018, with its current account in particular coming in for criticism from consumers.
The 2018 Banking League Table:
- Starling Bank
- First Direct
- Nationwide Building Society
- Virgin Money
- The Co-operative Bank