A survey of thousands of individuals and small businesses shows that British challengers Starling and Monzo provide the best service quality amid the cost of living crisis
A large-scale survey carried out for the UK government saw Starling and Monzo ranked first for personal current accounts. The neobanks landed in first and second place respectively for their business account services.
Meanwhile, Royal Bank of Scotland ranked the worst personal account provider. Virgin Money and TSB also performed poorly. As for the business accounts, the Co-operative Bank came last, followed by Virgin Money and HSBC.
The results received from Northern Ireland differed a little, although the leaders remained the same. Namely, the top-ranked personal current account providers in Northern Ireland are Starling Bank, Monzo and Nationwide, while the bottom-ranked current account providers are AIB, Bank of Ireland UK and Ulster Bank.
Bank of Ireland UK and AIB are also the worst in the business account service category, whereas Santander and Danske Bank topped the rating of current account providers.
The survey was initiated by the Competition and Markets Authority (CMA). The regulator believes this information is crucial for individuals and businesses to manage money and make savings as the rising cost of living bites.