What is the Worst Bank in the UK?

Following the release of customer complaints figures, this week on the Kiran Trivedi blog I ask; what is the worst bank in the UK?

Let Customer Complaints Be Your Guide

One vital step to making sure you protect your personal finances, is to ensure that you put your money in the right bank. That is because the bank ultimately has control over your money, which means that if they’re incompetent, they’re more likely to make errors with said money. This could impact your personal finances in a thousand small ways.

So how do you judge efficiency in the banking sector? You do what any wise consumer would do – your research! The best research you can possibly do is look at what people are saying about the bank, as the best way to measure their capabilities is to look at the customer service they provide. Let customer complaints be your guide.

Which Five UK Banks Received the Most Customer Complaints?

Or in this case, the volume of customer complaints, as logically, the more customers who complain the worse the bank in question probably is. As luck would have it, the financial ombudsman released customer complaints figures for banks recently, outlining which are the five most complained about banks in the UK.

For the six month period from 1^st January - 30^th June 2014, Lloyd’s Banking Group received the most complaints – 30,768. This was followed by the Barclays with 26,955, HSBC Group with 12,429, Santander with 7,876 and Nationwide Building Society with 4,886.

Which Bank Resolved The Most Customer Complaints?

Let’s be fair to Lloyd’s, yes statistically, they may be the worst bank in the UK, but the Group is also the largest. With over 30 million customers, Lloyd’s Banking Group includes banking heavyweights such as Lloyd’s TSB, The Royal Bank of Scotland and Cheltenham and Gloucester.

However, the figures go on to show that you can’t excuse the group just for its size. Not only did it receive the most complaints, but it only resolved 66% of them. Barclays, which has 15 million customers, resolved the same number of complaints, whilst HSBC Group, which has 16 million customers, managed to resolve 78%. If we’re basing the worst bank on number of complaints resolved, this crown has to go to Nationwide, who only resolved 12% of complaints.

Always be Wary of Banks!

So however you look at it, whether Lloyd’s or Nationwide are the worst banking groups in the UK, what you should learn, Kiran Trivedi readers, is to be wary of banks. As far as they are concerned, you should always be vigilant and do your research, if you want to make sure you protect your personal finances.