Chase Bank has overtaken challenger banks Monzo and Starling as the UK’s favourite bank, according a customer satisfaction survey from the Competition and Markets Authority (CMA).

This is only the second time Chase, a digital bank owned by JP Morgan Chase, has taken part in the CMA’s twice-yearly league table ranking of customer satisfaction – it ranked third place in the first one it participated in back in 2024.

Monzo, which came in second, and Starling Bank, which came in third, have both vied for the top position in previous years, with one of the two coming in first and the other in second for the past five years.

Dubbed ‘neobanks’, these digital offerings often outperform traditional high street banks in terms of customer satisfaction, despite only accounting for 6% of the UK population’s main banking choice.

According to the survey, carried out by Ipsos and reaching 23,000 people across the UK, 81% of customers said they would recommend Chase to friends or family, while 80% said the same for Monzo this year.

“Our focus at Chase is on providing our customers with an exceptional experience at every opportunity, so we’re delighted to be recognised by our customers for the quality of our service,” Chase UK’s chief executive, Kuba Fast, said.

“These results are a testament to the fantastic people we have at Chase, and our commitment to putting customers at the heart of everything we do.”

Chase launched in the UK just in 2021, and now has about 2.5 million customers.

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The combination of the digital-first offering with a banking company which dates its history back to the 19th century is proving to be successful for the neobank.

Royal Bank of Scotland ranked at the bottom of the list, with only 46% of customers saying they would recommend the bank’s services to friends or family.

First Direct, a subsidiary of HSBC, and Nationwide, rounded out the top five list.

While Monzo did not come out on top in this issue’s overall ranking, it did rank first in its online and mobile banking offerings, as well as its overdraft services, which Chase does not currently offer.