Smaller challenger banks beat High Street banks when it comes to savings and current accounts, according to Which?.

The consumer champion surveyed several customers to find out their experiences to compile a list of recommended providers (WRPs). Each bank was given a product score based on several elements including fees and how customers can operate their accounts.

In terms of savings accounts, online and app-based provider Zopa achieved a customer score of 78 per cent, scoring five stars for application process, and four stars for communication and transparency.

Which? awarded Marcus by Goldman Sachs a WRP endorsement for the third year running. The account received the top customer score of 85 per cent as well as five stars for its application process and communication.

For current accounts, Which? gave Starling Bank WRP status and said it was one of the best current account providers for mobile banking.

Amongst the High Street banks, Nationwide scored the highest. Which? said its in-branch service received four stars, the highest mark received by any of the banks.

Which? added that the Bank of Ireland UK is the lowest-ranked current account provider, with a score of 63 per cent. Virgin Money also came near the bottom, scoring 68 per cent overall and just two stars for call waiting times.

Additionally, TSB and HSBC ranked near the bottom for current accounts, each scoring 69 per cent and just two stars for telephone banking and branch services.

FStech has reached out to Virgin Money, Bank of Ireland UK, TSB and HSBC for comment.

“Lots of us stick with the same bank for years, but with clear gaps between the best and worst providers, customers unhappy with their service or rate should consider switching,” said Ele Clark, senior money editor at Which?. “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.”

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