Demand satisfaction from your bank in 2011!

Don't stand for shoddy service - these are the banks that will make you happy!

Many of us are not particularly happy with the service we receive from our banks. According to a new survey by JD Power, one in five of us have had a problem with our banks over the past 12 months, whether that’s due to fees, service charges or poor customer service.

However, the firm has also surveyed customers on which banks are most likely to provide real satisfaction to their customers. Here are the banks and building societies that came top of the tree!

#3 – Nationwide

Nationwide finished in third place on the JD Power Satisfaction survey, with its FlexAccount performing well on things like the product’s offerings and problem resolution.

So what’s so good about the FlexAccount? For starters, it offers more than you’d usually get from a fee-free current account, as it comes with free multi-trip European travel insurance, worth up to £80. It also gives you access to a range of exclusive deals, from better rates on personal loans to exclusive mortgage deals.

There’s also an interest-free overdraft for the first three months after opening the account.

However, the feature that really set this current account apart, namely the fact that you could spend on it or withdraw cash overseas without paying a fee, has sadly now been removed. Instead you’ll face a 2% charge on foreign spending, or a £1 fee every time you withdraw cash. A decent account, certainly, but not as good as it was.

#2 – Co-operative Bank

With a final score of four stars out of five from JD Power, and only slightly behind the satisfaction winner, came the Co-operative Bank, which offers a range of different current accounts.

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For example, there’s the Current Account Plus, which boasts a £200 fee-free overdraft, exclusive mortgage deals, an exclusive credit card rate of 11.9% APR, and is available to anyone so long as they pay in £800 a month.

However, a new offer from the Co-operative Bank on their packaged current accounts is seriously worth considering – they are fee-free for the first year. So with the Privilege current account, that means you’ll enjoy worldwide family travel insurance, mobile phone insurance for up to four handsets, a £200 interest and fee-free overdraft, a 20% discount on home insurance from the bank, amongst other features.

And with the Privilege Premier current account, you get all of the above, but a bigger overdraft, this time for £300. I’m not a big fan of packaged accounts generally, as you end paying a monthly fee for features you may not really need, but if you’re getting it free, that’s altogether different!

#1 – First Direct

Who else could possibly have topped a poll about getting satisfaction from your current account than First Direct? The undisputed king of current accounts when it comes to customer service can add yet another award to its growing list.

We’ve written before about how the First Direct 1st Account is The sexiest bank account in Britain, but it bears repeating – it’s the most loved bank account around.

So why is it so beloved? It’s certainly not the interest you’ll earn on your cash, as it doesn’t pay any interest at all on your cash. Indeed, it’s worth noting that all of the top three performing banks don’t pay any interest on your money in their current accounts.

But it’s the customer service that really sets First Direct apart. With the 1st Account, you do enjoy 24 hour banking, 365 days a year, so if you really need to move some money over on Christmas Day you can do just that. And if you need to call them, you won’t have to deal with an automated system – you’ll speak to real people, who are given the autonomy to deal with your problems, rather than pass you around from department to department.

And they put their money where their mouth is. If you take out the 1st Account, you’ll be given £100 as a welcoming present. However, if you’re not happy with the service within the first 12 months and choose to leave, they’ll give you another £100! So you get £100 if the service is great, and £200 if you’re not happy! Phenomenal!

However, it’s worth remembering that you’ll need to pay in £1,500 a month to qualify for the account, or else it will cost you £10 a month.

Bottom of the table

It will likely come as no surprise that the bank who came bottom of the satisfaction survey was Santander, which managed an overall score of two stars out of five. Tales of the poor service on offer from Santander is nothing new, and it is something you’ll need to bear in mind before you’re enticed over by the 5% they pay on current account balances up to £2,500.

I have this account - the Santander Preferred In-Credit account myself - and can honestly say that other than the direct debit switching service being a bit slow, I’ve had no complaints at all. However, there are plenty of customers who cannot say the same, which is worth remembering.

Tell us about your experiences

What are your experiences with these banks and building societies? Please let us know the good and the bad using the comments box below!

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