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Published February 2023

As part of a regulatory requirement, an independent survey was conducted to ask approximately 1200 customers of each of the 15 largest business current account providers if they would recommend their provider to other small and medium-sized enterprises (SMEs*). The results represent the view of customers who took part in the survey.

Overall service quality

We asked customers how likely they would be to recommend their business current account provider to other SMEs.

Ranking

Overall service quality: Virgin Money is ranked at 13th place for overall service quality with 45% compared to; Monzo at 82%, Starling Bank at 82%, , Handelsbanken at 73%, Tide 68%, and Metro Bank at 62%.

Online and mobile banking services

We asked customers how likely they would be to recommend their provider’s online and mobile banking services to other SMEs.

Ranking

Overall service quality: Virgin Money is ranked at 14th place for overall service quality with 52% compared to; Starling Bank at 86%, Monzo at 85%, tide at 74%, Lloyds Bank 69%, and Barclays at 67%.

SME overdraft and loan services

We asked customers how likely they would be to recommend their provider’s SME overdraft and loan services to other SMEs.

Ranking

Overall service quality: Virgin Money is ranked at 10th place for overall service quality with 48% compared to; Handelsbanken at 69%, NatWest at 58%, Bank of Scotland at 57%, Lloyds Bank at 57% and Barclays at 54%.

Relationship/account management

We asked customers how likely they would be to recommend their provider’s relationship/account management to other SMEs.

Ranking

Overall service quality: Virgin Money is ranked at 13th place for overall service quality with 46% compared to; Handelsbanken at 81%, Monzo at 77%, Starling Bank at 71%, tide at 67% and Metro Bank at 59%.

Service in branches and business centres

We asked customers how likely they would be to recommend their provider’s branch and business centre services to other SMEs.

Ranking

Overall service quality: Virgin Money is ranked at 8th place for overall service quality with 46% compared to; Metro Bank at 67%, Handelsbanken at 64%, Bank of Scotland at 55%, Llyods Bank at 55% and NatWest at 53%.

These results are from an independent survey carried out between January 2022 and December 2022 by BVA BDRC as part of a regulatory requirement.

Virgin Money has published this information at the request of the Competition and Markets Authority so you can compare the quality of service from business current account providers. In providing this information, we are not giving you any advice or making any recommendation to you and we can only give you information about our own products and services.

SME customers with business current accounts were asked how likely they would be to recommend their provider, their provider’s online and mobile banking services, services in branches and business centres, SME overdraft and loan services and relationship/account management services to other SMEs.

The results show the proportion of customers of each provider, among those who took part in the survey, who said they were ‘extremely likely’ or ‘very likely’ to recommend each service.

Participating providers: Bank of Scotland, Barclays, HSBC UK, Lloyds Bank, Metro Bank, Monzo, NatWest, Royal Bank of Scotland, Santander, Starling Bank, Tide, The Co-operative Bank, TSB, and Virgin Money.

Approximately 1200 customers a year are surveyed across Great Britain for each provider; results are only published where at least 100 customers have provided an eligible score for that service in the survey period.

18,001 people were surveyed in total.

Results are updated every six months, in August and February.

*SMEs include businesses, clubs, charities and societies with an annual turnover/income of up to £25m (exclusive of VAT and other turnover-related taxes).

To find out more visit BDRC-group.com/business-banking-service-quality