TSB crashes to bottom of MSE banking customer service poll
TSB has plummeted from 4th to 11th place in the latest banking customer service poll from the UK’s biggest consumer website, MoneySavingExpert.com (MSE). The results come after months of chaos following the bank’s IT meltdown in April. A huge 49% of those who graded TSB said its service was 'poor' and just 23% deemed it ‘great’.
First Direct held onto its crown yet again, with 89% of those who rated the bank reporting 'great' service. It's been unbeaten since MSE started the poll in 2010, and also topped the Competition and Markets Authority's first official bank service league table earlier this month.
Yet First Direct is facing growing competition from digital challengers. 97% of the 99 respondents who rated app-based bank Monzo said its customer service was 'great' – but as only banks with 100 votes or more are counted in MSE’s official poll results, Monzo was one vote shy of taking the top spot. Digital rival Starling also fared well, but also didn't amass enough votes to rank.
Gary Caffell, Money Editor at MoneySavingExpert.com, says "Customer service is key for bank accounts. For most, it's the part of their finances they use most often, so if things go wrong it can have a real impact, as shown by TSB's fall from grace this year.
"Our poll also shows that the old-school providers are increasingly threatened by challenger banks, which consistently get top scores for service − if the traditional banks don't up their game, they'll lose out to new challengers.
"Switching has never been easier - under the Current Account Switch Service it takes seven working days and all payments into and out of the old account will be moved automatically. Better still, some of the accounts that offer the best rewards to switch also have top customer service, so if you're not happy with your bank account, vote with your feet."
Just under 5,000 MoneySavers responded to the survey, which is done twice a year.
Current account customer service rated
RANK | PROVIDER | 'GREAT' | 'OK' | 'POOR' |
|---|---|---|---|---|
1 (1) | First Direct | 89% | 8% | 3% |
2 (2) | Nationwide Building Society | 73% | 21% | 6% |
3 (3) | Co-op and Smile | 67% | 24% | 9% |
4 (5) | Santander | 61% | 32% | 7% |
5 (10) | Lloyds | 45% | 40% | 15% |
6 (12) | HSBC | 43% | 40% | 17% |
7 (11) | NatWest | 43% | 39% | 18% |
8 (7) | Halifax | 41% | 43% | 16% |
9 (9) | Barclays | 41% | 41% | 18% |
10 (13) | RBS | 29% | 34% | 37% |
11 (4) | TSB | 23% | 28% | 49% |
There were 4,997 votes. Rankings based on two points for each 'great' %, one for each 'OK' % and zero for 'poor'. When scores are tied, the bank with the better 'great' rating goes ahead. We've excluded banks with fewer than 100 votes. Rankings for February 2018 appear in brackets. | ||||
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