First Direct Named Best Bank in Inaugural Expert Reviews Money Awards

First Direct Named Best Bank in Inaugural Expert Reviews Money Awards

29 March 2022
Reading Time: 4 mins

– 87% of customers would recommend First Direct to friends and family

– Most British people have been with the same bank for over five years and 21% are still with their childhood bank

First Direct has won every category in the inaugural Expert Reviews Money Awards, including Best Customer Service and the overall title of Best Bank.

With the cost of living soaring, money is never far from many people’s minds. But it’s not often that many of us stop to think about the banks that look after our hard-earned cash, and the level of service they give.

Expert Reviews is the go-to site for buying advice on everything from broadband contracts to mattresses, helping consumers buy with confidence. In partnership with YouGov, Expert Reviews asked 2,045 adults across Great Britain about their banks. The results were then weighted to make them nationally representative.

On the basis of their customers’ votes, prizes have been awarded in three categories – Best Bank, Best Online Banking and Best Current Account Provider – while the number of complaints made to the Financial Ombudsman Service was also taken into account.

An impressive 87% of First Direct’s customers said they would recommend the bank to others. This may be due to the excellent customer service that respondents received, with almost all of them (97%) rating it as either very or quite good, and the majority (77%) saying it was very good.

First Direct also scored highly for its online banking, perhaps as it should do given that it’s an online-only bank, with 94% of customers rating their online banking service as “quite good” or “very good”. It was also rated Best Current Account Provider by its customers, who also gave it an 80% approval rating for its telephone banking service.

Nationwide also did well in the awards, winning Highly Commended in all three categories. Unlike First Direct, Nationwide has branches on the high street and scored particularly well for in-branch services, with 79% of customers saying it was very or quite good.

Outside of the awards, the survey also revealed how few people appear to be switching banks despite the potential rewards on offer, with the vast majority (78%) having been with their main bank for more than five years. In fact, 21% of respondents said the main reason they’re with their bank is because they’ve been with it since they were a child, rather than factors such as offering a good service, decent account features or conveniently located branches.

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