Digital challengers Starling and Monzo have been ranked as the top personal and business current account providers in the UK, according to Finextra.
A survey – which was carried out for the government – saw thousands of small business and individuals quizzed. At the end of the study, Starling and Monzo ranked equal first for personal current accounts and first and second for the business account.
Royal Bank of Scotland was ranked as the worst personal account provider, with Virgin Money and TSB also performing poorly amongst respondents. For business accounts, the co-operative came bottom, followed by Virgin Money and HSBC.
Competition and Markets Authority senior director Adam Land said, “As the rising cost of living bites, it’s important that people and businesses have the information they need to manage their money and make savings.
“These results show how banks are treating their customers at a time when many are feeling the pinch. When times are tough you find out who’s fighting your corner and if your bank doesn’t match up to the competition – you can vote with your feet and make a switch.”
Starling completed an internal fundraise of £130.5m at a pre-money valuation of more than £2.5 billion earlier this year.
Starling is a fully-licensed and regulated bank that aims to give people a fairer, smarter and more “human alternative to the banks of the past.”
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