Chase UK has overtaken challenger banks Starling and Monzo to top the latest banking customer satisfaction survey from the Competition and Markets Authority (CMA).
The digital bank, owned by JP Morgan Chase, first appeared on the CMA’s twice-annual league table measuring customer satisfaction for consumer and business accounts in August 2024 at third place.
Monzo and Starling Bank have historically performed very well in the rankings, with one of the two taking the first place – with the other in second – for five years in a row.
Neobanks in general have done well with customer satisfaction, despite accounting for just 6% of UK primary banking relationships.
Chase UK, part spry tech and digital forward challenger bank, having launched in 2021, and part stuffy institution courtesy of the origins of its owners dating back to the 19th century, perhaps represents the best of both worlds for customers, with an approval rating of 81%.
Rounding out the rest of the top five was First Direct and Nationwide, while the Co-operative Bank, Virgin Money and the Royal Bank of Scotland were ranked the worst in the table.
“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,” said Kuba Fast, UK CEO for Chase.
“These results are a testament to the fantastic people we have at Chase, and our commitment to putting customers at the heart of everything we do.”
Though the bank will celebrate its top spot ranking as a victory, analysis from UKTN has found that since Q2 2023, more customers have switched away from Chase accounts than towards it.
For second-place Monzo and third-place Starling, the numbers don’t look much better.
Read more: Digital banks’ market share slipped in 2024 as high street banks fought back