UK bank ranking 2018: TSB falls to bottom while Monzo comes out on top, survey reveals

TSB has fallen to bottom place in a ranking of UK banks, while challenger Monzo rose to first place, according to consumer watchdog Which?

The bank was rated worst for overall customer satisfaction in a survey of more than 4,200 people. They were asked their opinions on their bank’s current account, and how likely they were to recommend the company.

TSB’s overall score was 58 per cent, putting it in joint last place with Bank of Ireland, which was bottom of the table for the second year running.

TSB, which came in fourth in last year’s ranking, has suffered a crisis this year after a series of major IT failures, which caused thousands of customers to leave.

Chief executive Paul Pester stepped down over the tech meltdown and the chaos prompted a parliamentary inquiry.

More than half of the TSB customers surveyed by Which? said they had experienced technical issues in the last year. The bank also scored poorly on customer service, telephone and online banking and complaint handling.

“TSB’s slump suggests that customers felt outraged to have endured the prolonged IT issues that left millions locked out of their accounts,” said Gareth Shaw, money expert at Which?

A TSB spokesperson said: “We’re sorry for the problems customers experienced as a result of our IT switch.

“Regrettably this is why our scores are low in this poll. Our priority is putting things right for our customers and we’ve made significant progress.”

Meanwhile, Monzo came out on top after reaching a large enough sample size for the first time since it launched in 2016. The online-only bank scored full marks for both communication and its app.

With a total customer satisfaction score of 86 per cent, it narrowly beat telephone and online-only First Direct, which scored 85 per cent. Nationwide came in third with 79 per cent and challenger Metro Bank was fourth with 76 per cent.

Mr Shaw said: “Impressive results from challenger banks place them well ahead of many of the biggest banking brands in Britain, showing that innovation and modern ideas are shaking up the market, with good customer service truly valued by customers.

“Our research shows a clear gap between the best and worst providers and should act as a catalyst for customers unhappy with their service to switch banks – as it’s never been easier.”

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