Challengers top customer satisfaction surveys for savings and current accounts
Offers of free cash should not be the sole motivation for moving banks, Which? said.
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Your support makes all the difference.Some challenger providers have topped customer satisfaction surveys on savings and current accounts from Which?
The consumer group commissioned two surveys, one of more than 4,100 savers and another of more than 4,500 current account holders, to find out about their banking experiences.
Providers were scored based on factors including fees and charges and how customers can operate the account.
In the comparison of savings providers, Marcus by Goldman Sachs received a top customer score of 85% as well as five stars for its application process and communication. Marcus was also awarded a Which? Recommended Provider (WRP) endorsement for the third year running.
If you're thinking of moving banks, don’t let enticing offers of free cash be your sole motivation
Paragon Bank was also given a WRP endorsement, with a score of 82%. Like Marcus, it received top ratings for both its application process and communication.
Online and app-based provider Zopa was also granted WRP status with a customer score of 78%.
Coventry Building Society scored highly and received WRP status, receiving an overall customer score of 79%.
A customer score of at least 70% makes a brand eligible for WRP status, but the consumer group gives this only if customers rate the provider highly for certain key services.
Which? also found that less than a fifth (17%) of savers are looking to switch accounts in the next year, potentially meaning they miss out on better returns in the higher interest rate environment.
Looking at current account providers, Starling Bank topped the survey, receiving an overall score of 83% and WRP status.
First Direct was also endorsed as a WRP and scored 82% in total. It was commended for telephone banking, receiving a four-star rating.
Nationwide Building Society was the highest-scoring current account provider with a branch network, scoring 78%.
For the second year running, Bank of Ireland UK was the lowest-ranked current account provider, with a score of 63%.
A Bank of Ireland UK spokesperson said: “We value all feedback from customers and work continuously to improve customer experience. We are investing across our branch network, digital services and products to enhance our services for customers.”
Many banks have been offering cash to switch accounts.
But Ele Clark, senior money editor at Which?, said: “If you’re thinking of moving banks, don’t let enticing offers of free cash be your sole motivation.
“While we could all do with a cash injection right now, poor customer service might prove more frustrating than the introductory offer is worth.”
Deltapoll carried out both surveys for savings and for current accounts for Which? in July. Brands which did not receive sufficient survey responses were excluded from the research.