The Daily Telegraph - Saturday - Money
Are you one of the millions with Britain’s worst bank account?
The Royal Bank of Scotland has been named as the worst current account provider in Britain by the competition watchdog.
RBS was ranked as the poorest overall provider based on customer service, overdrafts, branch network and online and web provision. RBS is owned by NatWest Group, which is 48.1pc owned by the Government.
Virgin Money was the second worst for overall service quality, while TSB came third bottom in a twice-yearly customer survey.
The Competition and Markets Authority commissioned polling firm Ipsos Mori to survey 1,000 users at each of Britain’s 16 largest current account providers, in order to make it easier for customers to compare banking services.
Customers were surveyed between July 2021 and June 2022 and were asked how likely they would be to recommend their provider.
At RBS and Virgin Money, the share of current account holders who said they would recommend their bank’s services were 46pc and 49pc respectively, while 50pc of TSB’s current account holders would recommend it.
RBS had the worst overdraft services and the worst in-branch services, the survey found. Virgin Money ranked worst for online and mobile banking.
Newer banks Monzo and Starling came in joint first place, with 81pc of users saying they would recommend the banks. Starling Bank ranked first for online and mobile banking services, while Monzo ranked second.
Adam Land, of the CMA, urged customers to look for the best service as the cost of living crisis bites.
“These results show how banks are treating their customers at a time when many are feeling the pinch. When times are tough, you find out who’s fighting your corner and if your bank doesn’t match up to the competition, you can make a switch,” Mr Land said.
In the previous CMA report, published in February, on customers surveyed between January 2021 and December 2021, Tesco Bank was ranked last overall. Since it closed its current accounts in November 2021, it was not included in the latest report.
An RBS spokesman said: “We can do more to improve the experience for customers in certain aspects of our service. We’re investing in dedicated teams focused on making targeted improvements for customers in order to address the areas where our service falls short of expectations.”
A Virgin Money spokesman said: “We are determined to provide positive experiences for our customers. While there is more work for us to do, we are confident that our ongoing investment in compelling customer propositions and digital innovation will deliver on that ambition.”
A TSB spokesman said: “Customer service remains a key focus for TSB as we continue to invest in upgrading our branch network, evolving our digital services and continuing to strengthen our product propositions.”