Monzo has been rated the top personal and business current account provider in Great Britain.

Starling Bank came in second place for both types of current account, according to the Competition and Markets Authority's (CMA) latest survey on banking satisfaction.

The league table is part of the Retail Banking Order, a set of reforms launched by the regulator after its retail banking market investigation in 2016.

Personal and small business current account holders were asked how likely they would be to recommend their bank to a friend, relative or other business.

“Our mission is to make money work for everyone so we’re delighted to be recognised for the outstanding service we provide for our current account and business customers," said Lyndsey Edgar, vice president operations, Monzo. "These results are testament to the brilliant people we have at Monzo, who ensure customers are at the heart of everything we do."

The results, which cover the period of July 2022 to June 2023, also show that Virgin Money and Royal Bank of Scotland were bottom of the pile when it comes to personal current accounts.
A Royal Bank of Scotland spokesperson said: “We can do more to improve the experience for customers in certain aspects of our service. We’re investing in dedicated teams focussed on making targeted improvements for customers in order to address the areas where our service falls short of expectations."

HSBC was ranked worst business current account provider in Britain.

“Enhancing customer service is a key priority for us," said a spokesperson for HSBC UK. "The increased investment we are making to digitise our services is integral to improving the experience for our business customers and will make banking more aligned with our customers' needs.”

The survey also covers the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

“How banks treat their customers can make an enormous difference to their daily lives, particularly when people and small businesses are feeling the pinch,” said Adam Land, senior director of remedies, business and financial analysis, CMA. “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.”

Land added: “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.”

FStech has reached out to Virgin Money and HSBC for comment.

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