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Customers with paid accounts are happier than those with ‘free’ accounts, 91% compared to an 80% overall rating

Data from Smart Money People, a financial review site, shows that customer satisfaction with paid accounts is higher than ‘free’ accounts

Business bank accounts have the highest level of dissatisfaction across all banking products

With the Competition and Markets Authority (CMA) expected to signal the end of ‘free’ current accounts tomorrow, 22nd October 2015, data from Smart Money People shows that consumer satisfaction is higher with paid accounts than ‘free’ accounts.

• Customers with paid accounts are happier than those with ‘free’ accounts, 91% compared to an 80% overall rating
• When asked if they feel they have been treated fairly, 98% of paid current account holders said yes. This falls to 88% of “free” current account holders
3 of the top 5 ranked current accounts have a monthly fee attached
• Business bank accounts are the poorest reviewed product across Smart Money People, with 25% of all business bank accounts rated either 1 or 2 star

Mike Fotis, Founder of Smart Money People, said, “Thanks to innovative products like the Santander 123 Account, UK consumers are becoming very skilful in searching for the best products and providers to suit their personal needs. While our data shows that consumers are on the whole pretty happy with their current accounts, there is a marked difference when we compare ‘free’ accounts with paid accounts.”

“By signalling the end of ‘free’ accounts, the CMA has an opportunity to increase market competitiveness and transparency, while also encouraging consumers to think more carefully about the right products and providers for them, rather than viewing all providers as ‘the same’.”

Business banking is the poorest rated product on Smart Money People with 25% of all reviews rated either 1 or 2 star (out of a total of 5 stars). Business banking is an area where the big 4 retail banks (RBS, Lloyds Banking Group, Barclays and HSBC) hold an 85% market share.

A total of 2,842 banking consumer reviews underpin these figures.

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Notes to editors

For media enquiries, please contact:

Mike Fotis, Founder at Smart Money People
michael@smartmoneypeople.com
07533 158 107

Scott Goodacre, Marketing Director at Smart Money People
scott@smartmoneypeople.com
07860 945 404

About Smart Money People

Smart Money People is the UK’s only review and insight platform focused on financial services. Smart Money People aims to use the power of customer reviews to help increase trust and transparency in financial services. Launched in October 2014, the company is based in the North East of England.

Founded by Mike Fotis, 27, the ex-Deloitte management consultant who worked across retail banking and insurance, and is passionate about forging stronger and more positive relationships between customers and the financial services industry. He is a graduate of the Judge Business School, University of Cambridge.

This press release was distributed by ResponseSource Press Release Wire on behalf of Smart Money People in the following categories: Personal Finance, Business & Finance, Media & Marketing, for more information visit http://pressreleasewire.responsesource.com/about.