2021 Spring Banking Service Results | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 21/05/2021

The latest bank service standards data from the Financial Conduct Authority (FCA) has been released, enabling consumers to see how quickly their bank is able to complete everyday requests such as receiving a debit card or getting an overdraft.

When looking at the bank service standards data, consumers should be aware that not all banks are required to provide data and, as such, this is not a whole of market information.

Which banks enable customers to open accounts on the same day?

The bank service standards found that, on average, just five banks enable customers to open an account on the same day as applying – these banks are Bank of Scotland, Halifax, Lloyds Bank, Metro Bank and Nationwide Building Society.

The majority of banks took an average of one day for a new account to be opened, which are: AIB, Bank of Ireland UK, Barclays Bank, Clydesdale Bank, HSBC, Monzo Bank, NatWest, Royal Bank of Scotland, Santander, Starling Bank, Ulster Bank and Yorkshire Bank.

The longest average time to open an account is 12 days, which is from Brown Shipley, meanwhile two banks take the next longest average time of eight days, which are Danske Bank and first direct.

How long does it take to receive a debit card?

A debit card is essential for many bank customers to purchase everyday items, so consumers may be disappointed to see that on average the quickest a customer can receive a debit card is two days with Metro Bank.

The majority of banks take an average of three days for customers to receive a debit card – these banks are: Monzo Bank, NatWest, Royal Bank of Scotland, Starling Bank and Ulster Bank.

Both Bank of Ireland UK and Nationwide Building Society take the longest time of eight days for customers to receive a debit card. Meanwhile, the next longest average time is seven days – AIB, Santander and TSB.

How long does it take to get online banking?

On average, just three banks enable customers to get online banking on the same day – these are Metro Bank, Monzo Bank and Virgin Money.

Three banks take an average of one day for customers to set up online banking, and these are: Bank of Ireland UK, Starling Bank and TSB.

AIB and Nationwide Building Society take the longest time to get online banking, with both providers taking an average of 10 days. NatWest, Royal Bank of Scotland and Ulster Bank take the next longest time of an average of seven days.

How long does it take to get an overdraft?

Consumers looking to get an overdraft will be pleased to see that many banks enable this to happen on the same day, with 14 banks offering a same-day overdraft on average. These are: Bank of Scotland, Barclays Bank, first direct, Halifax, HSBC, Lloyds Bank, Metro Bank, NatWest, Royal Bank of Scotland, Santander, smile, The Co-operative Bank, Ulster Bank and Yorkshire Bank.

Two banks – Clydesdale Bank and Starling Bank – take an average of one day for customers to get an overdraft.

Nationwide Building Society takes the longest time for customers to get an overdraft, at an average of eight days. Bank of Ireland UK and Virgin Money take the next longest time of an average of five days.

How long does it take to replace a lost card?

Consumers who lose their debit card will find that just Metro Bank is able to, on average, replace it the same day.

Five banks can replace cards within an average of two days – these are: Bank of Scotland, Barclays Bank, Halifax, Lloyds Bank and Monzo Bank.

TSB customers have to wait the longest time for their lost card to be replaced, with this bank taking an average of seven days to replace cards. Bank of Ireland UK and Nationwide Building Society take the next longest time, with both taking an average of six days to replace cards.

Considering switching banks?

If you are unhappy with the service you are receiving from your bank, you can switch accounts. To find out how to switch, read our guide on how to switch current accounts and visit our bank account chart to compare all bank accounts.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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