We opened a poll last year to find out our readers’ favourite British banks. We had a fantastic response in votes and we’ve been crunching the numbers since voting closed. To kick off 2020, we’re delighted to announce the winner: Starling Bank. We take a look at why this bank, in particular, resonates with customers, and what other brands featured at the top of the list.
As you can see from the table below, Starling took the title of Britain’s Best Bank by some margin. Over 32% of our readers agreed that it was the stand-out brand of 2019. Tied in second place were First Direct and Monzo Bank, with approximately 18% of the vote each.
Percentage of Votes
What’s incredible to see is that all of these top three banks operate primarily online. It’s evident that there’s a huge shift towards brands that offer convenient, intuitive, and hassle-free banking. Traditional high street banks need to act fast to keep up with this change.
Our aim with the Britain’s Best Bank award was to create a national insight into where Britain loves to bank. We’re hoping to make this an annual event, where customers can have their say on which providers offer the best service each year.
Our poll was fairly straightforward. We asked our readers to vote for their bank of choice and rate them on a scale of 1-5. We wanted to know which banks were the favourites and how customers felt about their experience with them in a straightforward way. Across thousands of votes, we were able to crown a clear winner in Starling Bank.
In our inaugural event, Starling Bank came out as Britain’s Best Bank of 2019 amongst our readers. Clearly, customers love the challenger bank, and it’s easy to see why:
In our review of Starling, we explored how those looking for a mobile-only banking experience have one of the best options in Starling. Their current account gives all kinds of money management features, and it provides overdrafts and loans that you can apply for through the app. They also have one of the best mobile experiences available, making it easy to manage your finances no matter where you are. A worthy winner.
We’re very pleased to be voted ‘Best Bank 2019’ by CompareBanks readers and are grateful to them for endorsing our customer-first approach. When we built Starling from scratch, we started with the features that customers really wanted. That’s why we have features such as real-time payment alerts, the Round-Up saving feature and a partnership with the Post Office. We’re listening to our customers all the time and always evolving.
Anne Boden, Starling Bank CEO
In joint-second place, First Direct has performed admirably this year. The bank is the oldest in the top three by far and was one of the first mobile banking providers. As well as online banking, they provide telephone banking, which is reassuring for many. As part of the HSBC group, First Direct have competitive saving rates, excellent security, and a stellar reputation. It’s clear to see why they’re a favourite.
It’s been a fantastic few years for Monzo Bank, with 2019 being one of the best. It saw Monzo reach over 2 million users, run their first TV ad campaign, and totally revamp their app. They also added business accounts and secured £113 million in investment. Not bad considering the app only launched into public beta in 2016.
What to expect in 2020
We’re expecting 2020 to be just as exciting for personal finance as 2019 was. The start of the new decade will no doubt see new products, technologies, and brands emerging. We’re interested to see whether challenger banks will continue their meteoric rise, or whether high street names can take back the initiative. Whatever happens, we’ll keep you informed.