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Published August 2024

As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 16 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 10th place for overall service quality with 56% compared to; Monzo at 85%, Starling Bank at 83%, Tide at 75%, Handelsbanken at 75%, and Metro Bank at 69%.

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

Online and Mobile Banking: Virgin Money is ranked at 12th place for overall service quality with 61% compared to; Monzo at 88%, Starling Bank at 87%, tide at 78%, ZEMPLER BANK at 76% and Lloyds Bank at 70%.

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

SME Overdraft and loans: Virgin Money is ranked at 7th place for overall service quality with 54% compared to; Handelsbanken at 68%, ZEMPLER BANK at 64%, Llyods Bank at 58%, HSBC at 56% and NatWest at 55%.

Relationship/account management

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

Ranking

Relationship Account Management: Virgin Money is ranked at 10th place for overall service quality with 54% compared to; Handelsbanken at 84%, Monzo at 81%, Starling Bank at 75%, tide at 67% and Metro Bank at 65%.

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

Service Branches: Virgin Money is ranked at 7th place for overall service quality with 49% compared to; Metro Bank at 72%, Handelsbanken at 70%, Lloyds Bank at 59%, Bank of Scotland at 54%, and Santander at 51%.

These results are from an independent survey carried out between July 2023 and June 2024 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, Handelsbanken, HSBC UK, Lloyds Bank, Metro Bank, Monzo, NatWest, Royal Bank of Scotland, Santander, Starling Bank, The Cooperative Bank, Tide, TSB, Virgin Money, Zempler Bank**.

Approximately 1,200 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.

19,200 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).

**Interviews with customers of Cashplus Bank are reported as Zempler Bank.

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