People still think moving banks is too difficult, even though it isn’t. Also, banking with them isn’t actually that bad so no real need to move - but people still give them low scores as an emotively-driven “revenge” for the financial crisis!
I know, but that’s probably what most of their customers think! I also doubt that they realise how much worse Co-op bank is when compared to other banks. They really do come up short.
That’s not true by any measure I’m aware of! Certainly not the official IPSOS Mori survey.
Also, they hardly have any branches left which is pretty useless if you want a branch-based bank account.
The survey’s more intended to help give a rough sense of how good various banks are if you are already considering a switch, rather than an argument to leave an existing bank the customer may be happy with.
It’s a helpful tool, I’d say, but not one to be taken too seriously.
I’m slightly sceptical on Chase customer numbers. Despite advertising campaigns (and David Tennant) and a reasonably compelling financial offer, they seem to have no traction outside of forums like this. But there’s really no evidence either way.
It’ll be interesting to see what happens then they offer CASS. If they don’t offer a switching bribe then I can see lots of folk using them as a donor account…
The thresholds are in the methodology information:
There is probably a bit of lag between a bank meeting the criteria and actually being included in the results, as presumably they start asking about them once they meet the criteria but wait until they have a full 12 months of data before they actually report on them - as per the other banks featured?
I imagine they will introduce a CASS-out ban on re-opening a new account for a certain period of time as Starling and Monzo have done.
I always find the overdraft thing a bit odd to rate, why not Credit Cards and other lending?
FD always comes out on top because it’s 0% at least for the first £250 isn’t it? Surely that’s the only reason people vote. If another bank has charges if it’s used then they’ll drop down in the rankings so seems pretty redundant as a metric for me
It’s worth remembering that the respondents to the surveys above aren’t being asked to score or rate the banks or their features, but rather they are being asked if they would recommend the banks to other people. There is an important distinction there.
Even if a customer thinks there is nothing wrong with their bank, it doesn’t mean they would go so far as to recommend that bank to someone else, many people just won’t care enough about the bank they are using to do that.
To me this makes a 80%+ score all the more impressive and a 90%+ score somewhat impossible in the real world. That shouldn’t stop anyone from trying to achieve it though.
Agreed. And I think this is the only practical way to do this survey. You can’t really ask customers to provide a rating for features as most people don’t have accounts at multiple banks so won’t have enough points of reference to do that.