Crisis-hit bank named best by customers: Metro Bank tops current account survey along with First Direct despite fears over its finances
- 82% of customers told a CMA survey they’d recommend the two banks
- RBS named the worst UK bank for the second year in a row – just 46% rate it
- Survey is now required and covers four categories including branch service and mobile banking
Fears over its financial stability have not stopped Metro Bank from being named Britain’s best current account provider, according to a leading survey.
More than 80 per cent of customers said they would recommend the bank to their friends and family, putting it joint-top with First Direct in a table published by the Competition and Markets Authority.
At the other end of the table, RBS spent a second successive year in the bank account basement, with just 46 per cent saying they would recommend its services.
Metro Bank was named the highest-rated current account provider in a survey published by the UK’s competition watchdog, along with HSBC-owned First Direct
The percentage of RBS customers polled who would encourage their friends and family to open an account with the taxpayer-owned bank has fallen by 3 per cent compared to last August’s survey.
While Metro’s popularity has slid by a percentage point since the last CMA findings in February this year, meaning it no longer tops the table in its own right, it represents a rare piece of good news in a difficult year for the challenger bank.
It has been engulfed in a crisis involving its loan book that saw it require an emergency cash injection, while its share price has collapsed and there were even fears over the safety of deposits after social media rumours led to customers at the Harrow branch queueing to pull their money out.
As well as being the joint-top rated current account service provider, 85 per cent of Metro’s customers would recommend its in-branch service, six points ahead of Nationwide in second place.
Metro Bank’s difficult 2019 came to a head when rumours that circulated on social media led to fears of a bank run, with customers in one branch queuing to pull their money out
Craig Donaldson, Metro’s chief executive, said: ‘We are extremely proud to still hold the top spot for personal current account service and maintain our top two position among business customers.
‘Service and convenience are at the heart of everything we do at Metro Bank and we’re thrilled that our customers can see this.’
The full table for personal current accounts is below:
RBS spent a second successive year at the bottom of the table when it came to whether users would recommend it to friends and family
The figures are now required by regulators to help make it easier for customers to compare bank account providers and are published in February and August every year. The latest results from the CMA came from a survey of 13,760 people carried out between July 2018 and June 2019.
As well as asking customers whether they’d recommend their bank account provider, the survey also asks customers to rate their bank’s service in branches, its online and mobile banking offering and its overdrafts.
The top two of Metro Bank and First Direct were followed by five of the UK’s biggest bank account providers in Nationwide, Barclays, Lloyds, HSBC, Santander and NatWest.
TSB’s popularity climbed 5 per cent on last year to 56 per cent as it recovered from a 2018 overshadowed by massive IT problems. However, perhaps unsurprisingly, it remained bottom of the table when it came to its online and mobile banking, with just 63 per cent of customers saying they’d recommend the bank’s offering.
The full table for online and mobile banking is below:
The survey also assessed branch service, overdraft services and online and mobile banking. Barclays came top when it came to its digital offering with TSB at the bottom
Barclays came top of that table, with 86 per cent recommending its online and mobile banking, followed by First Direct, Metro Bank and Nationwide.
When it came to overdrafts First Direct came top in its own right with 77 per cent saying they’d recommend it to friends and family, followed by Metro, Barclays, HSBC and Santander. First Direct offers a £250 interest-free overdraft buffer for its current account customers.
The CMA’s league tables are also designed to help people make an informed choice if they decide to switch. If you do want to change your current account provider, the Current Account Switch Service guarantees to switch your account, including any direct debits, over in seven days.
THIS IS MONEY’S FIVE OF THE BEST CURRENT ACCOUNTS