Monzo has been named the best bank in Great Britain for customer satisfaction, according to a major industry-wide survey.

The poll of more than 17,000 personal current account customers placed Starling Bank in second place and JP Morgan’s Chase – which only launched in the UK three years ago – third.

The survey, which was organised by regulator the Competition and Markets Authority (CMA) and is now in its seventh year, asked account holders to rate the quality of the services provided by their bank, including online banking, overdraft arrangements and their “in-branch” experience.

Bottom of the list, in 17th place, was the Royal Bank of Scotland, which is owned by NatWest Group.

Also performing badly in the survey, carried out between July 2023 and June 2024, was Virgin Money in 16th and the Co-operative Bank in 15th.

The watchdog found that digital banks without a physical branch network – such as Monzo, Starling and Chase – did better than traditional lenders when it came to how likely customers were to recommend them to friends and family.

A separate CMA survey of more than 19,000 business current account customers also placed Monzo top of the list, with HSBC coming last.

The regulator has made it compulsory for large banks to take part in the rolling survey, which has its results updated every six months, and they must display the findings “prominently online and in-branch”.

The CMA said it could not comment on why some banks performed better than others.

However, its senior director of markets Dan Turnbull said: “It’s important that banks listen to their customers and then provide services in a way that works for them.

“Strong competition is the most effective way to improve the customer service experience, and this survey provides the transparency that people need to be able to choose a new provider if they feel their bank is not up to scratch.”

Read more from business:
UK economy grows 0.6%
Train fare prosecutions quashed
Mobile boss hits out at ‘abysmal’ signal

Be the first to get Breaking News

Install the Sky News app for free

Monzo, which has more than 10 million personal customers, said its top position in the poll was not something it would “ever take for granted”.

A spokeswoman for Co-op Bank said it was “pleased to see increases across the majority of our scores within this survey”, and that it “strives to continually enhance our service levels”.

Keep up with all the latest news from the UK and around the world by following Sky News

A spokeswoman for Virgin Money, which earlier this year agreed to a takeover by Nationwide, also pointed out that its scores for both business and personal current account holders had improved since the previous iteration of the survey.

The bank said its “focus remains on driving further improvements as we know there is more work to do”.

Related posts:

Number of weekly COVID deaths in England and Wales at lowest level in six months – ONS Call for ‘surgery hubs’ amid ‘colossal backlog’ of cancelled operations during pandemic Christmas presents for four boys killed in house fire will stay under tree unopened, father says Christmas holiday plans abandoned as European nations impose new COVID rules on UK arrivals What are the rules on face masks – and where are they still required? UK on course for May heatwave with 23C hot spell, says Met Office Appeal to find boy, 4, missing after travelling to Turkey in June Second-hand wristbands from Queen’s laying in state queue selling for triple figures on eBay ‘Mayday’: Sixty passengers have to be rescued after Orkney ferry takes on water and runs aground Thousands raised to support family of five-year-old who died in house fire Council fined after worker suffered ‘traumatic amputation’ from road chipping machine ‘Risk to life’ storm to batter UK as amber warnings issued