Money News

Big banks leaving customers unsatisfied

Friday, 30 January 2009

Writes Hazel Cottrell
hazel.cottrell@consumerchoices.co.uk

Britain’s larger banks are trailing behind smaller banks, building societies and internet banks when it comes to customer satisfaction, according to Which? Money.

Smile, First Direct (www.firstdirect.com) and the Co-operative Bank (www.co-operativebank.co.uk) have been named the top three overall winners for customer satisfaction in the first annual People’s Choice report from Which? Money.

Abbey (www.abbey.com), Barclays (www.barclays.co.uk) and Halifax (www.halifax.co.uk) came last.

Martyn Hocking, editor of Which? Money, said: “Our findings show that the big banks are being left behind by the smaller players, which seem to offer a better service and keep their customers more satisfied.”

For current accounts, Smile and First Direct were awarded the highest scores, at 88% and 85% respectively.

The highest scores for savings accounts went to the Co-operative Bank (80%) and First Direct (78%).

People were most satisfied with their credit cards from John Lewis/Waitrose (90%), Nationwide Building Society (www.nationwide.co.uk) (87%) and Smile (86%).

Hocking added: “While a good deal is likely to be the main reason for choosing a financial provider, customer satisfaction should also figure highly.

“Factors that affect this could include overall service, whether the provider keeps you informed about better deals, the accuracy of your statements and the product itself.”

Chris Eagle, commercial manager at CreditChoices.co.uk said: “If you’re not happy with your provider, don’t be afraid to switch. Switching your current account or savings account should be very straightforward and not only could you get a better service, you could get a better deal too.”

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