In a major revelation for UK banking customers, six financial institutions have been awarded the prestigious Which? Recommended Provider badge for their current accounts. This esteemed recognition, granted by the influential consumer group, highlights the providers excelling in both product features and customer satisfaction.
Enduring Loyalty Often Goes Unrewarded
The awards come alongside new research commissioned by Which?, which surveyed more than 6,600 current account holders. The findings uncovered a striking trend of customer loyalty, with a significant 37 per cent of account holders staying with their bank for over two decades. Which? cautioned that this long-term commitment is frequently not reciprocated with better service or value.
The comprehensive assessment by Which? meticulously evaluated a range of product features, including fees, overdraft charges, and additional perks. This data was combined with the results of direct customer surveys to gauge overall satisfaction levels.
The Six Top-Tier Banking Providers
This year, six providers successfully earned the coveted badge. The elite list includes Chase, Danske Bank, First Direct, Monzo, Nationwide Building Society, and Starling Bank.
Notably, two of these institutions are first-time achievers of the distinguished WRP status: Chase and Danske Bank. In contrast, First Direct continues its remarkable record as the longest-running current account WRP, having held the award for over a decade.
Tom Riley, director of group retail products at Nationwide, highlighted the society’s commitment to its customers, pointing to its recently extended “branch promise.” Just last week, Nationwide pledged to keep each of its 696 Nationwide and Virgin Money branches open until at least 2030.
What This Means for Your Wallet
Sam Richardson, deputy editor of Which? Money, emphasised the tangible benefits for consumers. “Banks are not all the same and our analysis proves this,” he stated. “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.”
Which? also revealed that Allied Irish Bank and Revolut came close to receiving the WRP status this year, indicating strong competition in the market. The survey was carried out by Deltapoll in August, providing a fresh and relevant snapshot of the UK banking landscape.
