Chase has overtaken Monzo as Britain’s favourite bank, according to a new survey. Chase secured the top spot in the latest Competition and Markets Authority survey after 81% of its customers said they would likely recommend the account to friends and family. Chase launched in Britain in 2021 with the backing of US parent company JP Morgan and now has about 2.5 million customers. The digital bank first entered the survey for its personal current accounts six months ago. It means Monzo, which has lead the pack for the previous iterations of the twice-yearly poll, is now in second place with an overall customer satisfaction score of 80%. But Monzo was the highest-rated bank for its online and mobile banking services, as well as for its overdraft services.
Starling Bank, another digital bank, ranked third for overall service quality. The CMA made it compulsory for large banks and building societies to take part in the surveys, which go to about 1,000 customers in Britain and 500 customers in Northern Ireland for each provider. In total, around 23,000 people gave their responses. The surveys are carried out by Ipsos in Britain and Northern Ireland. Chase UK chief executive Kuba Fast said: “Our focus at Chase is on providing our customers with an exceptional experience at every opportunity, so we’re delighted to be recognised by our customers for the quality of our service. These results are a testament to the fantastic people we have at Chase, and our commitment to putting customers at the heart of everything we do.”.
