Challenger banks Monzo and Starling Bank led the list that provided the best service among the UK’s 19 largest personal account providers, according to new research from British regulators.
The UK Regulators Network has collaborated with the Financial Conduct Authority, the Office of Gas and Electricity Markets, the Office of Communications, the Water Services Regulation Authority and the Consumer Council for Water to produce scorecards on the performance of regulated sectors.
The idea is that this can help consumers pick between good and poor performers, enable them to see how well they carry out day-to-day banking activities and gauge the reliability of their services.
When looking at the overall quality of their services according to data from the Competition and Markets Authority, it seemed as if the neobanks were leading the charge back in August 2020 when the data was collected.
Monzo topped the chart with an 86% approval rating, followed by Starling and First Direct with a score of 84% and 83% respectively.
Reasonably new high street bank Metro bank came fourth, followed by Barclays, Halifax, Santander, Lloyds Bank, Virgin Money, HSBC and NatWest in that order. Tesco Bank came last.
Monzo and Starling also led the list of the best online and mobile banking services with a score of 89% and 88% respectively.
Looking at the number of complaints in the first six months of 2020, the regulators found that Al Rayan Bank had the most complaints with 12.72 complaints on average per 1,000 accounts. It was followed by Cynergy Bank with an average of 12.4 complaints, Barclays with 7.44.
Monzo came sixth on the list of the most complained about banking accounts with 5.75 complaints per 1,000 accounts. Starling wasn’t on that list.
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