Chase overtakes Monzo as Britain's favourite bank, survey shows
The Competition and Markets Authority (CMA) published the findings of its latest survey of some 23,000 people in Britain and Northern Ireland, carried out by Ipsos.
Among Britons, Chase secured the top spot after first entering the survey for its personal current accounts six months ago.
Some 81% of customers said they would be likely to recommend the account to friends and family, the survey found.
This put it ahead of the 80% who said the same for Monzo, which has lead the pack for the previous iterations of the twice-yearly poll.
Our focus at Chase is on providing our customers with an exceptional experience at every opportunity, so we're delighted to be recognised by our customers for the quality of our service
Kuba Fast, Chase UK's chief executive
Starling Bank, a fellow digital bank which was founded more than a decade ago by technology entrepreneur Anne Boden, ranked third for overall service quality.
The CMA made it compulsory for large banks and building societies to take part in the surveys, which go to about 1,000 customers in Britain and 500 customers in Northern Ireland for each provider.
Chase UK's chief executive Kuba Fast, said: 'Our focus at Chase is on providing our customers with an exceptional experience at every opportunity, so we're delighted to be recognised by our customers for the quality of our service.'
With the backing of its US parent company JP Morgan, Chase launched in Britain in 2021 and has since built up about 2.5 million customers.
JP Morgan, which is America's largest bank, recent revealed it generated an income of 14 billion US dollars (£11.1 billion) over the final three months of 2024, 50% higher than the previous year.
Royal Bank of Scotland (RBS) was at the bottom of the key ranking for another year, with 46% of customers likely to recommend its personal current account to friends and family.
Meanwhile, Monzo was the highest-rated bank for its online and mobile banking services, as well as for its overdraft services.
Nationwide Building Society came in at number one for its branch services, amid the lender's pledge to keep its branches open until at least 2028.
In Northern Ireland, Monzo was the top bank for overall service quality, followed by Starling Bank and Nationwide.
Separate data published last month found that Monzo, which is now the UK's seventh-largest bank with some 11 million customers, gained more than 5,000 customers via the Current Account Switch Service between July and September last year.
The service automatically moves payments from a person's old account to a new one – with the figures not including customers switching banks outside the service.
On the other hand, Royal Bank of Scotland lost more than 5,000 current account customers through the switching service over the same period.
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We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. 'That consultation closes on July 25, and I have already set out some of the commitments that the seven companies have made. 'The £100 million payment, the largest secured through commitments from companies under investigation, will be split between affordable housing programmes across all our four nations. 'I hope that will make a significant contribution to delivering the affordable housing we all want to see.' 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Responding, Lady Taylor said: 'The CMA is continuing its work on this, and on July 9 it announced that it is consulting on its intention to accept commitments offered by the housebuilders in relation to the investigation. 'That consultation closes on July 25, and I have already set out some of the commitments that the seven companies have made. 'The £100 million payment, the largest secured through commitments from companies under investigation, will be split between affordable housing programmes across all our four nations. 'I hope that will make a significant contribution to delivering the affordable housing we all want to see.' Tory former housing minister Lord Young of Cookham said: 'If the Competition and Markets Authority confirms this £100 million payment for anti-competitive activity, can the minister give an assurance that none of the affordable homes to be built with that money will be built by the volume housebuilders responsible for this activity? 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Critics at Westminster suggested the developers made the offer to halt the investigation by the Competition and Markets Authority (CMA) 'into potentially illegal collusion … that could have inflated house prices'. They argued the Government should insist on the watchdog completing its probe. Assurances were also sought that the housebuilders at the centre of the inquiry would not be involved in building the affordable homes funded by the payout, which would see the firms 'simply get their money back'. The CMA announced last week that Barratt Redrow, Bellway, Berkeley Group, Bloor Homes, Persimmon, Taylor Wimpey and Vistry had offered the payment as part of a package of commitments to address concerns following the investigation, which was launched last year. The settlement, which is set to go into affordable housing programmes across the UK, would be the largest ever secured by the CMA through commitments from firms under investigation. 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But Liberal Democrat Baroness Thornhill, a vice president of the Local Government Association, said: 'There could be an alternative version to this – major housebuilders pay £100 million to halt the CMA's investigation into potential illegal collusion through the sharing of competitively sensitive information that could have inflated house prices. 'While this settlement might appear a pragmatic, cost-effective solution, would it not be more useful to have some evidence-led answers about whether the business models of the major developers are a significant factor in the slow delivery of housing? 'Therefore, should not the Government insist that the CMA actually completes its investigation, rather than allowing a financial settlement that obscures the fact and definitely looks dodgy?' Responding, Lady Taylor said: 'The CMA is continuing its work on this, and on July 9 it announced that it is consulting on its intention to accept commitments offered by the housebuilders in relation to the investigation. 'That consultation closes on July 25, and I have already set out some of the commitments that the seven companies have made. 'The £100 million payment, the largest secured through commitments from companies under investigation, will be split between affordable housing programmes across all our four nations. 'I hope that will make a significant contribution to delivering the affordable housing we all want to see.' Tory former housing minister Lord Young of Cookham said: 'If the Competition and Markets Authority confirms this £100 million payment for anti-competitive activity, can the minister give an assurance that none of the affordable homes to be built with that money will be built by the volume housebuilders responsible for this activity? Otherwise, they'll simply get their money back.' Lady Taylor said: 'I am sure that the Competition and Markets Authority, as part of its consultation, will be looking at the best way of distributing that money, so it is not just recycled to the people who caused the problem in the first place.' Liberal Democrat Lord Rennard said: 'The one-off payment of £100 million towards affordable housing is only about 3% of the operating profit of the five biggest housebuilders this year. Is this a relatively small penalty for them to pay for anti-competitive practices over many years?' Lady Taylor said: 'This is the biggest settlement ever achieved by the CMA.' She added: 'We have to consider what is appropriate in these circumstances. I am sure the CMA has done that.' A CMA spokesperson said: 'Our year-long study of the housing market found that the complex and unpredictable planning system, together with the limitations of speculative private development, was responsible for the persistent under-delivery of new homes in the UK. 'It was also clear that concerns about sharing of confidential information, while important, were not the main driver of the undersupply of housing. 'The £100 million payment we have secured for affordable housing would provide immediate benefits across the UK, without a lengthy further investigation. 'It is in line with fines levied in similar cases that have taken many years to conclude and comes alongside a set of commitments which fully addresses our competition concerns.' Bellway, which has agreed to pay £13.5 million, said: 'Bellway's offer of commitments does not constitute an admission of any wrongdoing, and the CMA has made no determination as to the existence of any infringement of competition law. 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