first direct Lab
Skip menus

first direct triumphs in the uSwitch Current Account Awards

14 May 2013

  • first direct and Smile triumph in the uSwitch Current Account Awards, taking first and second place in all but two categories[2]
  • first direct wins Overall Best Current Account Provider, Overall Satisfaction, Best telephone Service and Best Account Switching Service.

As current accounts fall under the spotlight of the new financial regulator, new research by uSwitch.com, the independent price comparison and switching service, reveals that banks will have to pull out all the stops to prevent customers voting with their feet. 

The uSwitch Current Account Awards, based on the votes of over 10,000 customers, reveals that the biggest banks on the high street are letting customers down with poor levels of service and below par online banking experience. While internet banks first direct and Smile take the lion's share of awards, Santander, RBS and Barclays have failed to impress their customers. The survey also suggests that young people will be the most likely to switch come September, with 18 to 24-year-olds showing the lowest levels of satisfaction for customer service and trust[5]

Telephone and internet-based bank, first direct , wins 'Best Current Account' and comes top for Overall Satisfaction and Telephone Customer Service. Since its launch 24 years ago by HSBC, the bank has been consistently praised for its excellent customer service. first direct is closely followed by Smile, which wins categories including Most Trusted, Best Value for Money and Best Email Customer Service. Smile, which like first direct has UK-based call centres operating 24/7, is ten years younger than its web rival and owned by the Co-operative Banking Group. 

The Co-operative Bank itself has also been given the thumbs up by customers, coming third in the awards overall. The Co-op has also scooped the award for Best Branch Customer Service - potentially frustrating news to the five million Lloyds TSB customers who were expecting to be turned over to the Co-op this year through its purchase of Lloyds bank branches, as the deal has just fallen through[3]

Santander is voted the worst current account provider in the survey, let down by its customer service, whether online, on the phone or in-branch. It has also received the least votes for its online banking experience. Santander has been working hard to address its customer service issues, and its 1-2-3 account could help win back the hearts of customers,  demonstrated by the fact that it takes third place in the Benefits and Incentives category. 

Of all the current account providers in the survey, RBS is the least likely to be recommended and also falls down on its scores for Trust and Overall Satisfaction. Barclays, like Santander, falls short on its customer service and online banking experience[4]

The research also shows that just 9% of 18 to 24-year-olds completely trust their current account provider, compared to 14% of 45 to 54-year-olds. Young people are also the least impressed with the online and telephone customer services provided by their banks, which suggests that they may be the first to jump ship when the new 7-day account switching service is launched in September[5]. Overall, with seven in ten customers (72%) saying that they have had their accounts for more than ten years and 53% having never switched, banks have everything to play for. 

Michael Ossei, personal finance expert at uSwitch.com, says: "Current accounts are the bread and butter of the money world - you need one just to live your life. But where you keep your hard-earned cash should be a place that you trust and are happy with - and many banks still have a long way to go to earn this respect. 

"As people feel the squeeze of Government spending cuts and higher living costs, one thing they want to be sure of is that, if push comes to shove, they can lay their hands on their money quickly and easily. 

"Low levels of consumer confidence and the new seven day switching process arriving in September mean that the current account market is all for the taking. The Post Office's decision to launch a current account next Spring will give banks a real run for their money. "Not only will it benefit from its far-reaching network of branches, but it is a trusted brand. Value for money and customer service will be key to its success, but high street banks should see this as a serious threat."

 

For more information visit www.uSwitch.com or call 0800 093 0607

-ends-

For further information please contact:
Charlotte Nunes, uSwitch.com 020 7802 2920 / charlottenunes@uswitch.com

Louise Marriott, Lansons Communications 020 7294 3654 / louisem@lansons.com

Maddy Morgan Williams, Lansons Communications 020 7294 2691 / maddymw@lansons.com 

Notes to editors

Research referred to in the release for the uSwitch Current Account Awards was conducted online by YouGov between 25/09/12 and 3/10/12 among 10,269 adults. All figures are based on uSwitch.com analysis. The figures have been weighted and are representative of all GB adults who have a current account.   

  • 2. first direct and Smile occupy first and second place across every category except for Benefits & Incentives and Branch Customer Service.
  • 3. Co-op Bank comes third for Best Current Account Provider - it announced in July 2012 that it had struck a deal with Lloyds to buy 632 of its branches, but it pulled out of the deal in April 2013.
  • 4. RBS comes 10th in the Best Current Account Provider category, bottom for Most Likely to be Recommended and Overall Satisfaction, and takes tenth place for Trust. Barclays comes tenth for online/email customer service, telephone customer service and online banking experience.
  • 5. Just 9% of 18 to 24-year-olds said that they 'completely trust' their current account provider - compared to 14% aged between 45 and 54. Just 44% of 18 to 24-year-olds said they were satisfied with telephone customer service compared to 52% of 45 to 54-year-olds and 35% of 18 to 24-year-olds were satisfied with online customer service compared to 42% of 45 to 54-year-olds. 

About uSwitch

uSwitch.com is a free, impartial, online and telephone-based comparison and switching service, helping consumers compare prices on gas, electricity, water, heating cover, home telephone, broadband, digital television, mobile phones and personal finance products including mortgages, credit cards, current accounts and insurance. In 2010 uSwitch.com celebrated ten years of saving customers money. 

uSwitch.com is the first comparison website to achieve the Plain English Campaign's Internet Crystal Mark, which is recognised as a standard that a website has clear language, is accessible and easy to use, and has been tested on a sample of its users.  

uSwitch.com is dedicated to helping consumers save money whether they have internet access or not. It offers a dedicated call centre, manned by uSwitch customer service representatives, as well as a freepost 'Send us your bill' service, whereby customers can post their latest energy bills with their telephone number to FREEPOST USWITCH, to get a free call back from a dedicated customer services representative. The service is also available via fax, email and post. Consumers should fax 0203 214 8417, email CustomerServices@uswitch.com or write to Customer Services, uSwitch.com, Centro 3, 19 Mandela Street, London, NW1 0DU with their postcode and usage details. 

uSwitch.com is owned by Forward Internet Group Limited, a privately funded collection of internet-based businesses focused on consumer engagement and innovation.

Share this (opens in a new window)

You may also be interested in …

first direct has achieved the highest ever score for a a.bk in a Which? customer satisfaction survey with 93%, beating the nearest rival by 5% and the lowest score by over 100%.


Share this (opens in a new window)

Recent research* by first direct, winner of the 2013 uSwitch Best Account Opening Service and Overall Best Current Account Provider Awards, has found that 44% of UK adults have never switched their current account and a further 27% have only moved their banking once.


Share this (opens in a new window)