16 August: Virgin Money Ranks Last For Online Banking In Watchdog Poll
Royal Bank of Scotland (RBS) is last in a poll showing the worst current account providers in the UK as compiled by the competition watchdog, writes Andrew Michael.
The Competition and Markets Authority (CMA) says RBS ranks worst compared with 15 banking rivals in terms of the quality of its overall service, overdrafts and the service in its branches.
RBS is owned by NatWest Group, which itself is 48.1% owned by the UK government, a legacy from the 2008 global financial crash.
Virgin Money also languishes towards the bottom of the findings, ranked second-worst for overall service quality and last for its online and mobile banking services.
The CMA commissioned polling from Ipsos Mori to quiz 1,000 customers of each of the UK’s 16 largest current account providers to make it easier for others to compare banking services. The research took place between July 2021 and June this year.
Customers with personal current accounts were asked how likely they would be to recommend their provider, their provider’s online and mobile banking services, services in branches and overdraft services to their friends and family.
Newer providers Monzo and Starling Bank are in joint top place in terms of overall quality of service. The pair also top the list for online and mobile banking services.
First Direct ranks the highest in terms of overdrafts and Metro Bank is first for its…
