JPMorgan Chase Overtakes Monzo as Britain’s Favorite Bank

JPMorgan Chase has surpassed Monzo to become Britain’s favorite bank, according to a survey by the Competition and Markets Authority and Ipsos.

The report, which is compulsory for large banks and building societies to take part in, revealed that 81% of customers said they would recommend JPMorgan Chase’s service to their family and friends, despite Chase only entering the personal current account market six months ago.

In comparison, 80% of customers said the same for Monzo, which had previously topped the twice-yearly poll for overall service quality.

Digital challenger bank Starling Bank ranked third overall with a close figure of 79%. Meanwhile, Royal Bank of Scotland ranked at the bottom of the list with 46%.

While Chase overtook Monzo in overall service quality, Monzo maintained its position as highest-rated bank for its online and mobile banking services.

Monzo’s online and mobile banking services received recommendations from 86% of customers, narrowly surpassing Chase’s 86%. Starling followed in third place with 84%.

In addition, Monzo topped the rankings for overdraft services, with 77% of customers recommending it, followed by Starling at 74% and Lloyds Bank at 73%. The report also noted that Chase does not offer overdraft services.

The report noted that Chase does not provide overdraft services to customers.

Nationwide Building Society ranked first for branch services, with 78% of customers recommending it, as the lender commits to keeping branches open until at least 2028.

Metro Bank followed in second place with 71%, while Halifax ranked third at 70%

Chase, Monzo, and Starling were not included, as they do not operate physical branches.