Which one? That said, Starling Bank is one of the best current account providers for mobile banking. Photo: Adrian Dennis/AFP (Adrian Dennis via Getty Images)Thank you for reading this post, don't forget to subscribe!
The UK’s challenger banks have outperformed their traditional high-street counterparts when it comes to savings and current accounts, a new survey has revealed.
Which one? launched a survey of 4,178 savers and 4,550 current account holders, analyzing a range of factors about their banking experiences.
These factors included application processes, customer service, and which provider had the highest savings rates. What were these elements combined to give as a whole? Recommended Provider (WRP) Score.
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“Our research finds that the leading challenger banks are ahead of traditional high street names in terms of both customer satisfaction and competitive savings rates,” said senior Money editor Elle Clarke.
The survey found that the top scoring banks for savings accounts were Coventry Building Society and Paragon Bank. Both banks received five stars for this metric, with Marcus and Zopa given four stars.
Overall Customer Experience Score
The survey found that Goldman Sachs (GS)’s Marcus scored highest overall? Recommended Provider (WRP) Ranking. Marcus received a top customer experience score of 85%, as well as five stars for its application processes and communication.
Goldman Sachs’ banking app Marcus comes out on top for customer experience Ranking. Marcus got 85% marks. Photo Rafael Henrique/SOPA/LightRocket/Getty (SOPA Images via Getty Images)
In second place was Chase, which had an overall score of 83%. Paragon Bank came in third place with 82%, earning the challenger bank WRP status for the first time since 2019. Like Marcus, it received top ratings for both its application process and communication.
Coventry Building Society received a score of 79%, coming fourth overall and scoring four or five stars for each element rated.
Online and app-based provider Zopa was also awarded WRP status, achieving a customer score of 78%. Zopa scored five stars for its application process and four stars for communication and transparency. Zopa tied with Monzo Bank for fifth place in overall performance.
Fewer numbers of savers switch accounts
The survey found that only one in six savers are currently looking to make account changes in the next year. Which one? This means that many customers may miss out on higher returns from better interest rates with other providers. An example given for quick-access accounts was a 2% difference between the best (5.15%) and average (3.16%) rates. If someone saves a pot of £10,000 for a year this equates to losing £199.
Senior money editor Elle Clarke said, “Many of us stick with the same bank for years, but with clear differences between the best and worst providers, customers unhappy with their service or rates are more likely to consider switching. should do.”
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Which one? The best and worst current account providers were also analyzed with Starling Bank coming out on top and receiving the WRP status. Overall, Starling Bank scored 83% and was cited as one of the best current account providers for mobile banking.
Nationwide (NBS.L) The highest scoring was Current Account Providers with Branch Networks, which scored 78% in the ranking. It now has 605 branches in the UK, more than any other banking brand. Its in-branch service received four stars, the highest score received by any bank.
For the second year running, Bank of Ireland UK was the lowest ranked current account provider with a score of 63%. Customers gave it three stars for every part of its service.
For savings providers, Elica Bank ranks lowest with a score of 52%. The bank is mainly aimed at small and medium-sized businesses (SMEs), but also offers personal savings accounts if you can save at least £10,000.
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