Metro Bank named Most Trusted Financial Provider of 2016
Metro Bank has been voted Most Trusted Financial Provider by the biggest survey of financial services customers in Britain.
Moneywise revealed the winners of its 2016 Customer Service Awards – in which more than 24,000 people voted – at a glittering ceremony in London’s West End on 9 June 2016.
This is the first time that Metro Bank has won this award and it garnered lavish praise from its customers who voted in this poll. Our research found that the bank is attracting a new, younger audience of banking customers.
One customer said: “It is more ‘grass roots’. I feel they care more and are not part of a giant machine, where I am just an eight-digit number.”
Another customer singled the bank out for providing “unparalleled levels of service ”.
A third said: “On the rare occasions that I have any queries, they are handled most professionally. Every time I visit my local branch, I feel valued – there’s a lot of power in a smile and the other banks can learn a lot from them.”
Other big winners on the night included: LV=, which was voted Most Trusted Insurer, and Santander, which was voted Most Trusted Mainstream Bank.
Jeremy King, publishing director of Moneywise, says: “Service standards are now slowly rising across the board and some of the traditional players have made big strides to catch up. But the pace of product and service innovation is increasing, highlighting just how difficult it is to achieve the recognition that one of these exclusive customer-based awards brings.”
Kate Garraway says: “Being trusted to deliver customer service that people respect is a vital role in modern life. In my job as a broadcaster I interview all manner of people – from actors and politicians to those affected by news stories, who can sometimes be people let down by a service they trust, and I’m sure you can quickly think of examples in your own life when expectation has fallen short of reality.”
You can see the most trusted providers together with their ratings in 15 product categories on our Customer Service Awards 2016 page.
Here's a list of the other awards for financial providers:
Most trusted current account provider - Metro Bank
Best current account provider for branch service - Metro Bank
Best current account provider for call centre service - First Direct
Best mobile banking app - Barclays
Most trusted savings & cash Isa provider - Metro Bank
Best provider of savings accounts for large deposits - Coventry Building Society
Best provider of savings accounts for regular savers - First Direct
Best provider of children's savings accounts - Metro Bank
Best help to buy Isa provider - Halifax
Most trusted credit card provider - First Direct
Best credit card for rewards - John Lewis
Most trusted prepaid card provider - FairFX
Most trusted loan provider - Zopa
Most trusted mortgage provider - First Direct
Best P2P platform for savers - Lending Works
Most trusted P2P platform - Zopa
Most trusted home insurance provider - NFU Mutual
Best provider for contents insurance - Endsleigh
Most trusted car insurance provider - CSIS
Most trusted insurance comparison site - TopCashback.co.uk
Most trusted travel insurance provider - Holidaysafe
Most trusted pet insurance provider - Animal Friends
Most trusted health insurance provider - CS Healthcare
Most trusted life insurance provider - LV=
Most trusted bank for small businesses - Santander
Below is a photograph of the team at Metro Bank with their awards. You can click the image to enlarge it.
Invidivual Savings Accounts were introduced on 6 April 1999 to replace personal equity plans (PEPs) and tax-exempt special savings accounts (TESSAs) with one plan that covered both stockmarket and savings products, the returns from which are tax-exempt. The ISA is not in itself an investment product. Rather, it’s a tax-free “wrapper” in which you place investments and savings up to a specified annual allowance where the returns (capital growth, dividends, interest) are tax-exempt (you don’t have to declare ISAs and their contents on your tax return). However, any dividends are taxed within the investment, and that can’t be reclaimed.
Generally thought of as being interchangeable with life assurance, but isn’t. Life insurance insures you for a specific period of time, at a premium fixed by your age, health and the amount the life is insured for. If you die while the policy is in force, the insurance company pays the claim. However, if you survive to the end of the term or cease paying the premiums, the policy is finished and has no remaining value whatsoever as it only has any value if you have a claim. For this reason, life insurance is much cheaper than life assurance (also called whole of life).
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.
Used by the holder to buy goods and services, credit cards also have a monthly or annual spending limit, which may be raised or lowered depending on the creditworthiness of the cardholder. But unlike charge cards, borrowers aren’t forced to pay the balance off in full every month and, as long as they make a stated minimum payment, can carry a balance from one month to the next, generating compound interest. As the issuing company is effectively giving you a short-term loan, most credit cards have variable and relatively high interest rates. Allowing the interest to compound for too long may result in dire financial straits.
Does exactly what it says on the tin: covers the contents of your home for theft and damage and also may insure certain possessions (jewellery, cycles) outside of the home. Things to watch for include the excess and also the maximum payout on individual items. Another grey area is kitchen fittings, as some contents policies say these are not contents but part of the fabric of the property and covered by buildings insurance and some buildings policies don’t cover them because they regard them as contents.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.