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Banking & Credit Card Survey 2008
First off, a big thank you to everyone who took part in this years survey, helping to make it one of the biggest of its kind once again.
This enables us to show you how the UK's banks and credit card providers compare - using feedback from real people and real customers. We hope that this helps checkmyfile visitors find the very best customer service providers, and also identify who they should be avoiding. You can read a summary of the key findings below, plus a link to the full report.
Congratulations to Mrs P from Hampshire who was selected as the winner in this years prize draw. Thanks again to everyone who contributed.
- 2008 Survey
- Historic surveys
- Prize Draw Terms
Summary of Survey Results
For the fourth year in a row, banks have improved their customer satisfaction ratings. Our 2008 results show 52.9% (50.8%) of customers giving their bank a ‘very good’ or ‘excellent’ rating. This despite the bad press the banks have been taking as a result of the credit crunch.
First Direct has been voted the bank that gives the best level of customer service, once again, with 90.0% (81.0%) of its customers rating it as ‘excellent’ or ‘very good’. Barclays and Abbey were rated the poorest of the top banks for their customer service standards, a repeat of their 2007 standings. Only 48% of Abbey’s customers graded its service as ‘excellent’ or ‘very good.’
The improvement in customer service levels in recent years has been reflected in the number of people who would never recommend a particular lender, down 13% on 2007, to 34%.
The proportion of respondents with bank accounts that have no idea how much they are earning on their money, when their account is in credit, is a staggering 38%. With 1 in 3 not knowing, or caring, how much they are paying for their overdrafts.
Credit card lender service levels have risen in line with that of banks, despite the recent financial turmoil. Individual credit card firms vary widely in the level of customer service they provide, with American Express, Tesco and Egg leading the pack. Tesco customers have given the supermarket the thumbs up in terms of most improved credit card service.
Finally, up to 1 in 3 credit card users are in danger of damaging their credit rating with their credit card habits. The 30% of credit card users taking cash out with their credit cards are in danger of unwittingly flagging debt stress signals at the credit reference agencies. This is also compounded by the 12.5% of consumers who only pay the minimum each month—another key debt stress indicator now reported to the UK’s credit reference agencies.
Download the full survey results here.
