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Co-operative Bank nosedives in satisfaction survey

First Direct and N&P are rated highest by customers

Co-operative Bank Balloon Street 300x200

The Co-operative Bank has suffered a considerable drop in customer satisfaction, according to Which? Money’s latest survey.  

The bank and its sister brand Smile registered the biggest drops in customer scores across all banks included in our twice-yearly customer satisfaction survey

The sizeable drop in customer scores, of 12 and 14 percentage points respectively, sees both banks lose their Which? Recommended Provider (WRP) status.

Similarly, in Which? Money’s latest savings satisfaction survey, the Co-operative Bank registered a drop in its customer satisfaction score to 49%, taking it below the average score of 52%.  

Which? Money surveyed 5,945 respondents in its latest bank account survey and 5,254 respondents in the savings accounts survey.

Bank accounts: Best and worst for customer satisfaction 

First Direct and Norwich & Peterborough BS upheld their WRP accolades, with high customer scores of 85% and 79% respectively.

Santander saw the largest leap in customer scores across all banks in the survey from 51% to 62%, reflecting content 123 account customers. 

TSB Bank, which recently launched its table-topping 5% credit interest paying bank account, scored 56% on its first appearance in the survey. That’s just one percentage point below Lloyds Bank. 

At the bottom end of the table, Ulster Bank received the lowest customer score of 50%, whilst Royal Bank of Scotland and Bank of Ireland received the next lowest scores of 51%. 

Go further: Bank accounts – for up-to-date tables of the best current accounts

Savings accounts: Best and worst for customer satisfaction

Following a similar theme to bank accounts, First Direct topped the savings account customer satisfaction table with a 71% customer score.

The bank currently offers one of the highest paying regular savers accounts, paying 6% for qualifying customers. 

The next highest scorer with 63% is Aldermore Bank, which frequently tops our best rate savings account tables. 

Languishing at the bottom of the table and reflecting poor satisfaction among the general public is Intelligent Finance and ICICI Bank UK, each scoring 40% and receiving Which?’s Warning provider status. 

Customer scores in both surveys are based on the likelihood of recommending the provider to a friend and overall customer satisfaction.

Go further: Savings accounts – find the best savings accounts on the market updated daily

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Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms & conditions of a provider before committing to any financial products.

Categories: Banking, Money, Savings & Isas

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