Navigating the Best Banks in the UK: A Comprehensive Guide for 2023

When looking for the best banks in the UK, it's crucial to define your criteria: whether you value high turnover, the largest number of accounts, or the highest profitability. This review aims to provide you with a detailed insight into the top banks based on their customer satisfaction ratings and other relevant factors.

Who's the Best Bank in the UK?

The answer to the question 'What is the best bank in the UK?' depends largely on your personal criteria and requirements. However, according to the Best and Worst Banks in 2019 survey, certain banks stood out in terms of customer satisfaction. Let's take a closer look at them.

Leading Banks in 2023

Here are the best banks with high customer satisfaction ratings:

The banks that received lower ratings but still ranked above others were:

It's worth noting that not all banks were included in the survey as they needed a minimum number of customer responses.

Personal Experiences and Reviews

When asked to name the best bank, opinions vary widely. Some people prefer established banks like Barclays, while others have positive experiences with newer disruptors like Starling and Monzo.

Barclays: A Historical Perspective

I have banked with Barclays since 1983, a time when they seemed to have a branch on every High Street. In Hollywood movies, Barclays would often make a cameo appearance due to their popularity, such as in the film Notting Hill. However, recent news released by Barclays to close accounts of British expats with no physical UK address has sparked controversy.

Barclays' decision to terminate accounts of British expats who earn income from the UK but have no physical address within the UK has been criticized harshly. This move reflects a 'parochial outlook' of Brexit Britain, which is exclusive and lacks the global perspective that many had hoped for post-Brexit. The sentiment is one of disappointment and frustration with the current political situation in the UK.

First Direct: A Trusted Choice

In my personal experience, First Direct has consistently provided excellent service. I've been with them for years and have never faced a single problem. In fact, they consistently win WHICH MAGAZINE awards for their stellar customer service.

The Truth About Banks

The reality is that not all banks can be trusted. In the past, banks were seen as organizations dedicated to helping their customers, but this perception has utterly changed. I recall a good friend who worked for a major bank in the 1980s, who warned that banks were in the hands of crooks only interested in exploiting their customers. He predicted the 2008 financial crisis and was right.

Customers today need to be more cautious and choose banks that prioritize transparency, customer service, and ethical practices. While some may still favor traditional banks like Barclays, others have turned to innovative disruptors like Starling and Monzo for better service and more modern solutions.

In conclusion, the best bank in the UK is subjective and varies based on individual needs and personal experiences. It's essential to research thoroughly and consider not just the bank's profitability and turnover, but also its service quality and reputation. Whether you're looking for a traditional or a contemporary banking solution, make an informed decision!