Chase overtakes Monzo to become Britain's favourite bank

JP Morgan’s Chase has overtaken Monzo as Britain’s favourite bank, as digital providers continue to outperform the high street giants, according to a survey of thousands of banking customers.

The Competition and Markets Authority (CMA) published the findings of its latest survey of some 23,000 people in Britain and Northern Ireland, carried out by Ipsos.

Among Britons, Chase secured the top spot after first entering the survey for its personal current accounts six months ago.

Some 81% of customers said they would be likely to recommend the account to friends and family, the survey found.

This put it ahead of the 80% who said the same for Monzo, which has lead the pack for the previous iterations of the twice-yearly poll.

Starling Bank, a fellow digital bank which was founded more than a decade ago by technology entrepreneur Anne Boden, 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.

Chase UK’s 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.”

With the backing of its US parent company JP Morgan, Chase launched in Britain in 2021 and has since built up about 2.5 million customers.

JP Morgan, which is America’s largest bank, recent revealed it generated an income of 14 billion US dollars (£11.1 billion) over the final three months of 2024, 50% higher than the previous year.

Royal Bank of Scotland (RBS) was at the bottom of the key ranking for another year, with 46% of customers likely to recommend its personal current account to friends and family.

Monzo was ranked number one by customers for its online and mobile banking services, and its overdraft services (Monzo/PA) PA Media

Meanwhile, Monzo was the highest-rated bank for its online and mobile banking services, as well as for its overdraft services.

Nationwide Building Society came in at number one for its branch services, amid the lender’s pledge to keep its branches open until at least 2028.

In Northern Ireland, Monzo was the top bank for overall service quality, followed by Starling Bank and Nationwide.

Separate data published last month found that Monzo, which is now the UK’s seventh-largest bank with some 11 million customers, gained more than 5,000 customers via the Current Account Switch Service between July and September last year.

The service automatically moves payments from a person’s old account to a new one – with the figures not including customers switching banks outside the service.

On the other hand, Royal Bank of Scotland lost more than 5,000 current account customers through the switching service over the same period.