Less than two years after its launch in the UK, JP Morgan’s Chase has been named as the Best British bank as part of the British Bank Awards 2023.
The title was previously held by Starling Bank from 2018 to 2021, and by Monzo in 2022, but will now transfer to the US giant Chase which has been winning customers from its rivals with its high interest rates and cashback rewards.
“We’re so proud to have been voted by our customers as the Best British Bank, Best Savings Provider and Best Current Account at the British Bank Awards last night," Chase UK CEO Sanjiv Somani told AltFi.
“When we launched in 2021, our mission was to create a best-in-class banking app and our incredible team at Chase is committed to keeping up the hard work and building a banking experience that our customers love.”
Monzo and Starling didn’t go home empty handed however, with Monzo taking ‘Best banking app’ for the second year in a row and ‘Best credit card provider’ for its Flex offering, while Starling won ‘Best business banking provider’.
Rewards credit card Yonder was named ‘Best newcomer’ and Tembo, which was named ‘Best newcomer’ in 2022, won ‘Best innovation’ for its range of guarantor mortgages. ClearBank took 'Technology partner of the year' and 'The pioneer award', while Freetrade was named 'Best online trading platform' for the fifth year running.
“The cost of living crisis means that financial service companies are providing an increasingly important role, supporting their customers during such a difficult time,” said Jacqueline Dewey, CEO of Smart Money People which runs the awards.
“They’re also facing additional pressures of their own, not to mention the challenges posed by frequent base rate changes and impending Consumer Duty requirements. So it’s great to recognise those going above and beyond during the past year.”
The British Bank Awards are entirely down to a public vote, with some 156,000 votes cast by customers for this year’s awards, nearly doubling the turnout from last year.
The 2023 winners of all 29 categories can be found below:
Best British bank - Chase
Innovation of the year - Tembo
Best banking app - Monzo
Best newcomer - Yonder
Customer service champion - Darlington Building Society
Treating customers fairly champion - Habito
Personal finance journalist of the year - Georgie Frost
Online financial influencer of the year - The Savvy Spender
Best building society - Leek Building Society
Best alternative finance provider - CapitalRise
Best business banking provider - Starling Bank
Best business finance provider - Allica Bank
Best credit card provider - Monzo
Best current account provider - Chase
Best investments provider - Moneybox
Best specialist mortgage provider - Chorley Building Society
Best mortgage broker - Tembo
Best online trading platform - Freetrade
Best personal finance app - Plum
Best personal loan provider - Zopa
Best savings provider - Chase
Best ethical financial provider - Triodos Bank
Best children’s financial provider - HyperJar
Best building society savings provider - Leek Building Society
Marketing and PR partner of the year - Teamspirit
The pioneer award - ClearBank
RegTech partner of the year - FullCircl
Technology partner of the year - ClearBank
Consultancy of the year - 11:FS
