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Which bank is best for business customers?

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Are you satisfied with your bank? Many businesses aren’t, according to a survey carried out by researchers at bdrc.

It interviewed thousands of businesses across the UK at the behest of the Competition and Markets Authority (CMA).

The CMA wants to promote competition between banks and is compelling them to publish the findings, which show whether SMEs would recommend them to other businesses.

There is a clear winner. Handelsbanken comes top in four of the five categories assessed. Barclays and Lloyds were the best of the so-called ‘big four’ – Barclays, HSBC, Lloyds and NatWest/RBS. Santander also emerges creditably.

BankRob Johnston, Chief Executive of Cumbria Chamber of Commerce, said: “Bear in mind that this is a survey of national business bank account providers, so regional players such as the Cumberland Building Society aren’t included. We suspect the Cumberland would do well in a poll of Cumbrian businesses.”

He added: “It’s good that we have this information.

“And it is shocking that, for some banks, fewer than half their business customers would recommend them to other SMEs.

“We hope the findings will encourage the banks to up their game and provide the impetus for dissatisfied business customers to switch to a bank with a better satisfaction rating.”

Here are the findings in full.

The figures show the percentage of customers of each provider who said they were ‘extremely likely’ or ‘very likely’ to recommend each service.

 

Overall service quality

The survey asked customers if they would recommend their business current account provider to other SMEs

1st Handelsbanken, 84%

2nd Metro Bank, 73%

3rd Santander, 66%

4th Barclays, 62%

5th Lloyds Bank, 61%

6th NatWest, 57%

7th Bank of Scotland, 54%

8th Yorkshire Bank, 53

9th= HSBC, 51%

9th= Allied Irish Bank (GB), 51%

9th= TSB, 51%

9th= Co-operative Bank, 51%

13th Clydesdale, 50%

14th Royal Bank of Scotland, 47%

 

Online and mobile banking services

The survey asked customers how likely they would be to recommend the provider’s online and mobile banking services to other SMEs.

1st Barclays, 76%

2nd Santander, 73%

3rd Lloyds Bank, 72%

4th Metro Bank, 71%

5th NatWest, 68%

6th Handelsbanken, 63%

7th= Royal Bank of Scotland, 62%

7th= Bank of Scotland, 62%

7th= HSBC, 62%

10th Yorkshire Bank, 57%

11th Clydesdale Bank, 53%

12th= TSB, 49%

12th= The Co-operative Bank, 49%

14th Allied Irish Bank (GB), 47%

 

SME overdraft and loan services

The survey asked customers how likely they would be to recommend their provider’s SME and loan overdraft services to other SMEs.

1st Handelsbanken, 84%

2nd, Santander, 64%

3rd Lloyds Bank, 63%

4th Yorkshire Bank, 60%

5th Allied Irish Bank (GB), 59%

6th= Clydesdale Bank, 58%

6th= NatWest, 58%

6th= Barclays, 58%

9th Bank of Scotland, 54%

10th HSBC, 52%

11th Royal Bank of Scotland, 51%

12th TSB, 45%

13th The Co-operative Bank, 40%

 

Relationship/account management

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

1st Handelsbanken, 90%

2nd Metro Bank, 64%

3rd Lloyds Bank, 64%

4th Santander, 63%

5th NatWest, 62%

6th Barclays, 61%

7th Allied Irish Bank (GB), 60%

8th TSB, 56%

9th= Yorkshire Bank, 55%

9th= Clydesdale Bank, 55%

11th= Bank of Scotland, 54%

11th= Royal Bank of Scotland, 54%

13th The Co-operative Bank, 49%

14th HSBC, 47%

 

Service in branches and business centres

The survey asked customers how likely they would be to recommend their provider’s branch and business centre services to other SMEs.

1st Handelsbanken, 76%

2nd Metro Bank, 75%

3rd TSB, 62%

4th Lloyds Bank, 59%

5th= Barclays, 56%

5th= Bank of Scotland, 56%

7th Santander, 53%

8th Royal Bank of Scotland, 49%

9th= Yorkshire Bank, 48%

9th= NatWest, 48%

11th Clydesdale Bank, 46%

12th HSBC, 44%

13th= The Co-operative Bank, 42%

13th= Allied Irish Bank (GB), 42%

 

 

 

 

© Cumbria Chamber of Commerce

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