Tesco Bank named ‘worst provider’ for 2nd year running

Tesco Bank is the worst current account provider of Britain’s biggest banks, according to the competition watchdog.

In a survey of 17,000 people, the Competition and Markets Authority found it came last for service, online and mobile banking, and overdraft services.

The supermarket-owned bank, which made a £175 million loss last year, recently announced it would close all current accounts in November.

“Neobank” Monzo was ranked highest by customers, followed by First Direct and rival digital provider Starling.

READ MORE: Tesco profits plummet 20% despite surge in grocery sales

The CMA has published the poll twice a year since 2018, with Tesco usually fighting for final place with the Royal Bank of Scotland.

It also came bottom in August 2020 with a 44 per cent satisfaction rate, down four per cent from its score this year.

CMA senior director Adam Land said the survey “puts pressure on poorly performing banks to raise their game”.

“If the service and quality offered by your bank has not been up to scratch, you may well be able to do better,” he continued.

Tesco announced last month it was shutting its 213,000 current accounts after finding just 12 per cent used it as their main source of funds.

The Big 4 grocer told The Telegraph that the CMA’s findings did not reflect the experience of its customer base.

“Our customers hold a range of products and services, with independent research showing our customer satisfaction is very strong across these,” a spokesman said.

“We work hard to provide the best experience possible for our customers across all the products and services we offer.”

Marks and Spencer closed its 29 bank branches in July, with current accounts set to be scrapped at the end of August.

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