Monzo tops latest bank account satisfaction league table
Monzo has narrowly edged ahead of Starling Bank as the most likely to be recommended to family and friends, in the latest government-backed survey.
For the first time in over a year, Monzo has ranked higher than Starling Bank in the Competition and Markets Authority’s (CMA) personal banking quality survey. These digital banks are competitive and highly focused on bringing value to customers through innovative budgeting tools and app features. So what’s the significance of Monzo topping the official league table?
What were the results?
Monzo now tops the current account satisfaction league table in Great Britain, regularly conducted by the CMA.
The results of the banking satisfaction survey – carried out between July 2022 and June 2023 – revealed that Monzo would be recommended by 80% of its customers, the highest proportion of any current account surveyed.
In the last survey, Starling Bank tied with Monzo in first but is now a close second at 79%. Meanwhile, First Direct came in at third with 78%.
Virgin Money and Royal Bank of Scotland (RBS) were at the bottom of the table with only 48% of customers that would recommend their services.
Monzo and Starling Bank also placed first and second respectively for the top-ranked business current account providers in Great Britain according to customer satisfaction.
What is the banking satisfaction survey?
The CMA conducts this survey every 6 months. It’s a vital tool in helping people be aware of bank accounts with the best satisfaction levels. It’s also useful in improving customer service and creating competition between banks to get better outcomes for everyone.
Why does it matter?
Customer satisfaction is an important factor to consider when you’re looking for a current account. The results from this survey can help you understand the quality of a bank’s services. Starling and Monzo have proved to be popular with customers over the years. In the 2023 Finder Customer Satisfaction Awards both banks ranked highly, with Starling coming out on top with 94% of customers recommending it compared to 86% for Monzo.
There are other factors beyond customer satisfaction to consider when choosing a current account. You should also look at any fees associated with the account, if it pays interest rates, how you can manage your account and whether there are any switching incentives available.
Interested in a new current account? We’ve covered the best banks and bank accounts in the UK for 2023 to help you make your choice.