Britain’s challenger banks are trouncing their high street rivals when it comes to customer satisfaction, a new survey has found.
Consumer group Which? quizzed more than 4,000 savings and current account holders in two surveys, rating banks based on fees, charges and ease of use.
Goldman Sachs (NYSE:GS) came out best with a customer score of 85% and its retail arm Marcus received top marks for its application process and communication.
Which? also gave Marcus a ‘recommended’ endorsement for a third-year running.
Other top scorers included mortgage specialist Paragon Bank, which has consistently offered fixed savings rates above the big five, with a score of 82%.
HSBC online arm First Direct received a WRP for its 82% rating while Nationwide was the highest-scoring branch operator with the building society scoring 78%.
Bank of Ireland (LSE:BKIR) UK was the lowest-ranked current account provider, with a score of 63%.
A customer score of at least 70% makes a brand eligible for WRP status but only if the bank hits other criteria as well.
Purely on current accounts, Starling Bank was highest rated receiving an overall score of 83% and WRP status.