Which? has unveiled its top current account providers and advised numerous customers to think about switching. The consumer rights organization assessed various product aspects such as fees, overdrafts, charges, and benefits in its recent survey. Additionally, they surveyed over 6,600 customers to gauge their satisfaction levels with their existing accounts.
Six providers were granted Which? Recommended Provider (WRP) status, including Chase, Danske Bank, First Direct, Monzo, Nationwide, and Starling. Starling emerged at the forefront with an impressive customer score of 86% and secured its seventh WRP badge. It received a perfect five-star rating for both online and mobile banking, and four stars for customer service.
Monzo attained an 85% customer score, earning five stars for mobile banking convenience and four stars for overall customer service. First Direct achieved an 84% customer score and holds the record for being the longest-standing current account WRP for over a decade.
Nationwide also received an 84% customer score, with four stars for in-branch service and five stars for online banking. Chase, a digital bank under JPMorgan, achieved an 82% customer score, excelling with five stars for its mobile app and four stars for customer service, application ease, and telephone banking.
Danske Bank garnered an 80% customer score, receiving mostly four-star ratings, particularly for overall customer service and online banking. Allied Irish Bank narrowly missed WRP status despite an 85% customer score. Revolut scored well at 83% but was not named a WRP due to its e-money provider status in the UK, which lacks coverage under the Financial Services Compensation Scheme.
Although many banks have introduced new current accounts recently, a recent Which? survey revealed that nearly 37% of account holders have remained loyal to the same provider for over two decades. TSB ranked lowest on the list with a 67% customer score, receiving two stars for customer service and telephone banking, but securing four stars for online and mobile banking.
Virgin Money, Santander, and Halifax closely followed TSB, each scoring 71%. Sam Richardson, Deputy Editor of Which? Money, emphasized the diversity among banks and the benefits of switching to more rewarding options. Richardson highlighted perks like fee-free spending abroad and instant spending notifications, urging long-standing customers to consider transitioning to the recommended providers for better benefits hassle-free.