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Published August 2023

As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 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 48% compared to; Monzo at 84%, Starling Bank at 82%, , Handelsbanken at 74%, Tide 73%, and Metro Bank at 63%.

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 13th place for overall service quality with 55% compared to; Starling Bank at 86%, Monzo at 87%, tide at 76%, Lloyds Bank 68%, and Barclays at 68%.

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 10th place for overall service quality with 45% compared to; Handelsbanken at 64%, NatWest at 56%, Metro Bank at 56%, Lloyds Bank at 57% and HSBC at 53%.

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 13th place for overall service quality with 44% compared to; Handelsbanken at 81%, Monzo at 73%, Starling Bank at 68%, tide at 69% and Metro Bank at 63%.

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 8th place for overall service quality with 46% compared to; Metro Bank at 70%, Handelsbanken at 61%, Bank of Scotland at 53%, Llyods Bank at 55% and NatWest at 53%.

These results are from an independent survey carried out between July 2022 and June 2023 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.

18,000 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