Big banks fail to make customers smile says Which?Smaller banks top Which? satisfaction survey

28 January 2009

Smaller banks top customer satisfaction survey

The big banks are trailing behind smaller banks, building societies and internet banks for customer satisfaction, says the first annual People’s Choice report from Which? Money.

Which? Money surveyed almost 15,000 Which? members about how satisfied they are with their current account, savings, mortgage and credit card providers. 

Smile, First Direct and the Co-operative Bank were the top three overall winners, while Abbey, Barclays and Halifax were the bottom three.


Which? Money editor, Martyn Hocking said: '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 – all of which are very important to the customer.

'Once again 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. 

'If you’re not happy with a provider, then switch – not only could you be treated better, but you could bag a better deal.'

Credit cards and savings

The highest scorers for savings accounts were the Co-operative Bank (80%) and First Direct (78%). 

First Direct also impressed its mortgage holders - with 90%, it scored 11% more than the lender that came second – Yorkshire Building Society.

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

The full article ‘The first annual Which? Money People’s Choice winners’ appears in the February 2009 issue of Which? Money magazine but you can click through to see our Best Buy current accounts, and savings accounts. 

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