A significant 37 per cent of current account holders have shown enduring loyalty, staying with their bank for over two decades, a new survey has revealed.
Consumer group Which? commissioned research among more than 6,600 account holders, cautioning that this steadfast loyalty often goes unrewarded.
Which? meticulously assessed various product features, encompassing fees, overdrafts, charges, and additional perks.
This was combined with direct surveys of account holders to gauge overall customer satisfaction. Providers demonstrating excellence across both these crucial areas were awarded the prestigious Which? Recommended Provider (WRP) badge.
This year, six providers successfully earned the coveted badge: Chase, Danske Bank, First Direct, Monzo, Nationwide Building Society, and Starling Bank.
Notably, two of these institutions, Chase and Danske Bank, achieved the distinguished WRP status for the very 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.
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.”
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The survey was carried out by Deltapoll in August.
