'Big four' banks trail on customer satisfactionNet and telephone accounts come out better

01 August 2007

The ‘big four’ high street banks are trailing behind internet and telephone banks for customer satisfaction, says the annual Which? current account survey.

The survey, published in Which? Money today, found that five of the seven accounts awarded Best Buy status are internet and telephone accounts.

It also reveals that internet bank Smile came out top for customer satisfaction.

But despite this, 61 per cent of Which? members still bank with the ‘big four’– Barclays, HSBC, Lloyds TSB and NatWest – which each scored just two out of five stars for customer satisfaction.

Interest

They're not making up for it in other areas either, paying just 0.1 per cent interest on most current accounts.

Switching to a better bank account is straightforward - 72 per cent of Which? members who switched said it was easy.

The top reason for switching was poor service, and a third said they moved for better interest rates.  

Which? Money Editor Martyn Hocking said: ‘If you're still with one of the big four high street banks, then now’s the time to move.

'Internet and telephone banks seem to treat their customers better and you can get much higher interest too.’

Which? Money

The full current account article appears in the August issue of Which? Money magazine.

It includes the results of the survey including statistics on internet banking, telephone banking and visits to branches, and a Which? Money Best Buy current account table.

Which? Money is published monthly and is available by subscription only.  A special trial offer of 2 issues for £2 is available by calling 0800 0321 177.