As high street banks and consumers alike anticipate the new seven-day account switching process to be made available in September this year, uSwitch Current Account Awards has published a survey in which the Co-operative Bank and its internet arm, Smile, have come out on top, surpassing most high street banks.
Smile did the best overall, coming in at first and second places for most of the categories. Its customers voted it as the Most Trusted bank, as well as voting it Best Value for Money, and Best Email Customer Service. The Co-operative Bank came in at third place overall, taking awards for Best Branch Customer Service and third place in the Best Current Account Provider category.
These results come at a time when banks will have to raise their game in terms of customer satisfaction, given the proximity to the new account-switching scheme. The survey also demonstrated that only 9 per cent of 18 to 24-year olds have complete trust in their banks.
“Low levels of consumer confidence and the new seven day switching process arriving in September mean that the current account market is all for the taking,” says Mike Ossei, personal finance expert at uSwitch.