Moneywise Customer Service Awards 2016: The winners: Savings

Tom Wilson
25 July 2016

For the eighth year in a row, we’ve asked readers of Moneywise magazine and to share their experiences, good and bad, to find the most trustworthy financial companies in the UK.

This year, more than 24,000 people took the time to share their experiences and to score firms. For more information on how the awards work, see our Moneywise Customer Service Awards 2016 page. 

So without further ado, meet the most trusted savings providers in the UK in 2016.

Also see the Moneywise Awards results for:


Savings accounts

Most trusted savings and cash Isa provider

Winner: Metro Bank
Highly commended: Coventry Building Society

Metro Bank isn’t just popular for current accounts, with readers also scoring its savings products very highly.

One reader describes saving with Metro, after switching from an HSBC account as “easy to use and exactly what I needed”. “The staff took me through other options, listened to my needs and let me make the informed decision. I’ve never looked back,” he says.

While readers love Metro, it doesn’t offer the best rates out there, and smaller providers can often put forward deals that sit a lot higher in the best buy tables.

Step forward Coventry Building Society. “I always find Coventry easy to use and the rates better than most. I’m very happy with the service,” says one reader.

Coventry doesn’t just rely on rates though: “[It] responds very swiftly to online enquiries and is always very helpful. The website works well and withdrawals are paid direct to my bank without problems,” says another.


Best savings provider for large deposits

Winner: The Coventry
Highly commended: Santander

Needs vary, and people looking to put away larger balances can get frustrated by headline rates that are only available on small monthly deposits, or for token balances of up to a couple of thousand pounds.

Fortunately, Coventry Building Society has a range of accounts that suit different needs, and they’ve best served Moneywise readers with larger savings pots.

One says: “I feel the Coventry is very trustworthy in all its dealings and fair to all its members with the best rates it can sensibly give.”

Santander also scored highly in this section – it looks likely that is due to some people stashing £20,000 in a 123 account to get 3% interest. This can be boosted further through cashback on utilities. Do remember there’s a £5 monthly fee though.

Best savings provider for regular savers

Winner: First Direct
Highly commended: Nationwide Building Society

A top rate regular savings account can be a great way for people to start a savings habit. These accounts are much more generous than others, with winner First Direct offering a very high 6% to people who put away between £25 and £300 a month.

“I see this account as a bonus for existing customers,” says one. He’s right – the account is only available to people who already bank with First Direct. It’s not too late to switch though – First Direct is currently offering £200 to new customers.

Nationwide was the runner-up. Its rate is slightly less generous (5%), but the account is more flexible and account holders can save up to £500 each month.

Best provider: children’s savings

Winner: Metro Bank
Highly commended: Nationwide Building Society

Metro Bank doesn’t have the most attractive rates for children, but its instant- access saver is great for kids looking to earn 1.5% interest. It’s put a lot of effort into getting kids engaged with money, through a school teaching programme and ‘Magic Money Machines’. Sadly, these don’t take over parental duties for supplying cash, but they do teach valuable lessons in how money works.

Nationwide came in a close second, thanks to the attractive rates on its children’s Isa accounts last year.

Best Help to Buy Isa provider

Winner: Halifax
Highly commended: Nationwide Building Society

Help to Buy Isas have possibly been the most popular new savings booster under the current government, even more so than the tax-free savings allowance.

So far, more than 500,000 people have signed up for the account, which pays pension-style government top-ups to savers, alongside the traditional tax benefits of an Isa.

Halifax deserves a lot of credit for the early success of the scheme, drawing
in the lion’s share of business with its 4%-paying account. It’s no longer available to new customers, but the bank will honour the rate for anyone who had already snapped one up.

Nationwide took the runner-up position in this category. Why? “I just feel that they have the customer’s needs at heart and try to provide the best service,” says one happy customer.


See the winners and runner-ups for: