Nearly two-fifths (37%) of current account holders have remained loyal to their provider for more than 20 years, a survey indicates.
Which? commissioned a survey among more than 6,600 current account holders – but warned that in some cases, customer loyalty is going unrewarded.
The consumer group examined product features – including fees, overdrafts, charges and perks – as well as surveying account holders to establish customer satisfaction. Providers that were found to stand out in both areas met the criteria to earn a Which? recommended provider (WRP) badge.
Six providers were awarded a badge – Chase, Danske Bank, First Direct, Monzo, Nationwide Building Society and Starling Bank.
Two providers, Chase and Danske Bank, secured WRP status for the first time.
First Direct is the longest-running current account WRP, holding the award for over a decade.
Tom Riley, director of group retail products at Nationwide, highlighted the society’s “branch promise,” which was recently extended.
Last week, Nationwide made a new pledge to keep each of its 696 Nationwide and Virgin Money branches open until at least 2030.
Which? said that Allied Irish Bank and Revolut came close this year to receiving WRP status.
Sam Richardson, deputy editor of Which? Money, said: “Banks are not all the same and our analysis proves this. Perks like fee-free spending abroad and instant spending notifications are becoming normalised, while cashback, loyalty payments and switching bonuses can earn you hundreds of pounds.”
The survey was carried out by Deltapoll in August.
