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Monzo beats all comers in CMA customer satisfaction survey

Monzo beats all comers in CMA customer satisfaction survey

The Competition and Markets Authority has ranked Monzo as the UK's best bank for personal and business accounts.

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

As an added incentive to improve service quality, personal account providers with more than 150,000 active account holders in Great Britain and more than 20,000 small business accounts are obliged to collect and publish this data.

The results don't make pretty reading for the large UK incumbents, with Monzo scooping the top prize for both personal and business accounts, and rival online bank Starling coming in second in both categories.

Virgin Money, Royal Bank of Scotland and TSB scored the lowest for personal accounts, while HSBC bottomed out the chart for business users.

Adam Land, senior director of remedies, business and financial analysis at the CMA, comments: “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. If the service and quality offered by your bank has been below par, then you may well be able to do better by making a switch.”

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