Current Accounts Satisfaction Survey Released

by Peter Wakeford
Posted by Hannah on 18 February 2009
Current Accounts Satisfaction Survey Released

Co-op came out top of the poll - but concerns have been raised elsewhere about general levels of competition in the UK current accounts market.

Customer satisfaction with current accounts is the subject of a major new poll from GfK NOP.

The financial researchers gave the Co-operative Bank top marks, with 85 percent of current customers saying that they were happy with its service. Moreover, four in five said that they would recommend the service to other people.

Commenting on the report, John Barker, head of current accounts at the Co-op, said: "To be recognised as the bank with the most satisfied current account customers by the GfK NOP research is a fantastic achievement … These findings clearly demonstrate our continued commitment to our customers in every aspect of our service proposition from face-to-face service across our branch network, our call centres and online."

Meanwhile, concerns have been raised recently over levels of competition in the current accounts sector. The GfK NOP figures follow the release of a report from the Office of Fair Trading, which showed that just six percent of people had switched current account providers over the past 12 months.

Moreover, 47 percent were found to have never considered changing to a new current account provider.

Speaking to the BBC Phil Jones, personal finance campaigner for consumer group Which?, added: "It is a Catch-22 situation - people aren't switching because there is little difference between the big banks' current accounts and, because people aren't switching, banks have little incentive to compete for customers."

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