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What do SMEs think is the best business bank account?


 Smiling woman flanked by Handelsbanken staff

Top rated: Handelsbanken was overwhelmingly voted as the most SME friendly bank

Handelsbanken has been voted the clear winner when it comes to what SMEs think is the best business bank account.

The Swedish bank, which has more than 200 UK branches, came top of the leader board in four out of five categories, according to the latest Competition and Markets Authority survey published this month.

The bank was named best for overall service quality (79 per cent); relationship/account management (86 per cent); SME overdraft and loan services (78 per cent); and services in branches and business centres (73 per cent) for the fifth time by the survey.

>See also: Business Banking Resolution Service opens doors in November

However, Barclays beat it to the top spot for online and mobile banking services.

BVA BDRC surveyed nearly 17,000 small business customers between July 2019 and June 2020, asking them if they would recommend their provider to other SMEs.

Mikael Sorensen, UK CEO of Handelsbanken, said: “We are particularly pleased to see this response coming from our SME customers, many of whom we have been working closely with to provide a range of tailored, flexible support.”

>See also: 12 of the best digital banking platforms for small business

Overall service quality – Handelsbanken

Handelsbanken was ranked first for overall service quality (79 per cent), beating Metro Bank into second place (67 per cent) and Santander third place (63 per cent). Royal Bank of Scotland tied with Allied Irish Bank for joint 13th place.

Overall service quality

# Bank %  
1 Handelsbanken 79
2 Metro Bank 67
3 Santander 63
4 Barclays 59
5 Lloyds Bank 55
6= Natwest 54
6= Yorkshire Bank 54
8= Clydesdale Bank 52
8= HSBC UK 52
10 Bank of Scotland 51
11 The Co-Operative Bank 50
12 TSB 47
13= AIB 45
13= The Royal Bank of Scotland 45
Source: BVA BDRC

Online and mobile banking services – Barclays

This was the only category where Handelsbanken was not the most recommended bank by SMEs to others. Barclays came top at 73 per cent, followed by Metro Bank (72 per cent) and with Santander, NatWest and Lloyds tying for third ranked (69 per cent). The Co-Operative Bank was judged to have the least user friendly mobile and online banking service.

Online and mobile banking services

# Bank %
1 Barclays 73
2 Metro 72
3= Santander 69
3= NatWest 69
3= Lloyds 69
6 Bank of Scotland 65
7= Royal Bank of Scotland 63
7= HSBC UK 63
9= Handelsbanken 62
9= Yorkshire Bank 62
11 Clydesdale Bank 57
12 TSB 52
13 AIB 44
14 The Co-Operative Bank 41
Source: BVA BDRC

Relationship and account management – Handelsbanken

Handelsbanken was again the clear winner when it came to relationship and account management (86 per cent) followed by Santander (66 per cent) and Metro Bank (63 per cent). Royal Bank of Scotland was again ranked bottom in 14th place (48 per cent).

Relationship and account management

# Bank %
1 Handelsbanken 86
2 Santander 66
3 Metro Bank 63
4 Barclays 59
5 Yorkshire Bank 58
6 NatWest 57
6 Clydesdale Bank 57
8 Lloyds Bank 56
8 AIB 56
10 TSB 53
11 HSBC UK 52
12 Bank of Scotland 50
13 The Co-Operative Bank 49
14 The Royal Bank of Scotland 48
Source: BVA BDRC

SME overdraft and loan – Handelsbanken

When it comes to arranging small business overdrafts and loan facilities, Handelsbanken was far and away the highest-recommended bank by SMEs to their peers, scoring 78 per cent compared with 65 per cent for second-ranked Yorkshire Bank and 63 per cent for Santander.

SME overdraft and loan

# Bank %
1 Handelsbanken 78
2 Yorkshire Bank 65
3 Santander 63
4 Barclays 61
4 HSBC UK 61
6 Clydesdale Bank 59
7 Lloyds Bank 58
7 NatWest 58
9 AIB 53
10 Royal Bank of Scotland 52
11 Bank of Scotland 51
11 TSB 51
Source: BVA BDRC

Service in branches – Handelsbanken

Handelsbanken squeaked to first place at 73 per cent, although Metro Bank – known for its grand banking foyers – was just behind at 72 per cent. Lloyds Bank was some way behind in third place at 61 per cent.

Service in branches

1 Handelsbanken   73
2 Metro Bank 72
3 Lloyds Bank 61
4 TSB 58
5 Yorkshire Bank 55
5 Clydesdale Bank 55
7 Santander 54
7 Bank of Scotland 54
8 HSBC UK 53
9 Barclays 52
11 NatWest 50
12 The Co-Operative Bank 47
13 Royal Bank of Scotland 40
14 AIB 38
Source: BVA BDRC

Further reading

What are the best business bank accounts in the UK?

 

 

 

 



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