Which? Shares Best Current Accounts and Switching Advice

Which? Names Top Current Account Providers

Consumer advice site Which? has revealed its pick of the best current accounts, providing valuable insights and guidance to customers considering a switch. After evaluating various factors such as fees, overdrafts, charges, and perks, Which? selected six providers that have been awarded the “Recommended Provider” status—Nationwide, First Direct, Starling, Chase, Danske Bank, and Monzo.

Starling Leads the Pack

Among these, Starling has emerged as the top choice with an impressive 86% customer satisfaction score. It also earned a full five-star rating for both online and mobile banking services, alongside four stars in customer service. This marks its seventh consecutive award from Which?, cementing its reputation among current account providers.

Monzo Follows Close Behind

Monzo came in second with an 85% satisfaction score, receiving five stars for ease of mobile banking and four stars for overall customer service. Both Starling and Monzo’s high scores reflect their commitment to customer experience and innovative digital services.

First Direct’s Longevity

First Direct achieved a strong 84% customer satisfaction score, boasting the longest-running “Recommended Provider” status. This year, it was awarded five stars for overall customer service as well as for its online, mobile, and telephone banking services, along with four stars for ease of contacting customer support.

Nationwide’s In-Branch Service

On the other hand, Nationwide scored 84% and received four stars for its in-branch service, while retaining a five-star rating for online banking. This balance between traditional and digital services showcases how different providers cater to varying customer preferences.

Chase’s Digital Focus

Chase, a digital bank owned by JPMorgan, also performed well with an 82% customer score, earning five stars for its mobile app and four stars in categories like customer service, ease of applying, and telephone banking. This reflects Chase’s strong focus on digital engagement.

Danske Bank’s Comprehensive Rating

Danske Bank rounded out the top six with an 80% customer score, receiving mostly four-star ratings for overall customer service and online banking. Despite missing out on a “Recommended Provider” status, its comprehensive service offerings indicate strong market presence.

Switching to a Recommended Provider

Sam Richardson, deputy editor of Which? Money, emphasized the importance of switching providers for better perks: “Banks are not all the same and our analysis proves this. Perks like fee-free spending abroad and instant spending notifications are becoming normalised, while cash back, loyalty payments, and switching bonuses can earn you hundreds of pounds.”

He added, “If you’re one of the millions who have stayed loyal to a bank for years for little in return, now may be the perfect time to switch to one of our Which?

Recommended Providers. The process is quick and easy, with even your direct debits transferred over hassle-free.” This advice comes as nearly four in 10 people (37%) have remained loyal to their provider for more than two decades.

Provider Responses

A spokesperson for TSB stated: “We take our customer service very seriously, and are proud to offer a full range of banking services to meet the needs of our customers; from our branch network to our well-rated digital services.” This response reflects TSB’s commitment to maintaining its position in the market despite not being named a recommended provider.

A Virgin Money spokesperson also commented: “We’re pleased that customers of our award-winning current account have highly rated both our mobile banking app and online banking service. We remain committed to improving service for our customers.” This highlights Virgin Money’s focus on digital innovation and customer satisfaction.

Both statements underscore the competitive landscape in which banks are continuously striving to enhance their services and retain customer trust.

The Mirror report concluded by noting that several banks, including TSB, Virgin Money, Santander, and Halifax, have launched new current accounts in recent years. However, a survey of over 6,600 current account holders revealed that nearly four in 10 people (37%) have stayed loyal to the same provider for more than two decades.

This article provides an insightful look into the current state of current accounts and the advice given by Which? to customers looking to make a switch or remain loyal. The detailed analysis and expert opinions offer valuable guidance in navigating the complexities of modern banking.