You can bank on us! Four in ten people have had same current account for more than 20 years… longer than many marriages, survey shows
- Millions of people have more-enduring relationship with their bank than partner
- Four in ten people have been with same bank for over 20 years, research shows
- ‘Clear gap’ of best and worst providers should get customers to switch banks
- Online-only banks Starling, Monzo and Triodos were the most highly rated
Millions of people have a more-enduring relationship with their bank than a partner, research has found.
Four in ten people have been with the same bank for over 20 years, often despite poor service, according to Which?
The consumer champion surveyed more than 4,400 people on their current account providers.
Online-only banks Starling, Monzo and Triodos were the most highly rated for their customer service and mobile apps. The Royal Bank of Scotland was ranked last overall.
Which? said the ‘clear gap’ between the best and worst providers should encourage customers to switch banks, as ‘it’s never been easier’ to do so.
Millions of people have a more-enduring relationship with their bank than a partner, research has found (file image)
The consumer champion said many people stay with their provider despite being tempted by better service from a raft of new, younger, challenger banks.
It said some will sweeten the deal with a cash switching bonus, by paying interest on balances in current accounts or cashback on purchases.
Starling Bank also received a high enough score in Which?’s product analysis to be named a ‘Recommended Provider’, alongside established names, First Direct and Nationwide Building Society.
Many traditional high street banks can be found languishing at the bottom of Which?’s customer satisfaction table, often ranking poorly for service in branches, and getting mediocre scores across all other categories.
RBS, HSBC and TSB make up the bottom three.
Starling Bank also received a high enough score in Which?’s product analysis to be named a ‘Recommended Provider’, alongside established names, First Direct and Nationwide Building Society (pictured)
When Which? asked people what they like about their current accounts, most cited online banking facilities (47%), positive past experiences (34%) and mobile banking facilities (32%).
However, not everyone manages their finances using online banking via a smartphone – one in seven (13%) current account holders never use it and five per cent use it less than once a month.
The editor of Which? Money, Jenny Ross, said: ‘While many current account holders stick with their banks over many years, we found leading challenger banks are ahead of the traditional high street names in terms of customer satisfaction.
‘Our research shows a clear gap between the best and worst providers and this should encourage customers unhappy with their service to switch banks, as it’s never been easier.
‘With the cost of living soaring, it’s vital to get the most out of your current account. Switching can bring great incentives such as cash bonuses, accounts paying interest on your balance and even cashback on your purchases..’