New research from consumer champion Which? reveals that longstanding loyalty to your bank could be costing you hundreds of pounds in missed rewards and benefits.
The Cost of Banking Loyalty
A comprehensive survey of over 6,600 current account holders has uncovered a surprising trend in British banking habits. The study found that nearly four in ten customers have remained with the same banking provider for more than two decades.
Sam Richardson, deputy editor of Which? Money, emphasised the financial implications of this loyalty. "Banks are not all the same and our analysis proves this," he stated. "Perks like fee-free spending abroad and instant spending notifications are becoming normalised, while cashback, loyalty payments, and switching bonuses can earn you hundreds of pounds."
Which? Recommended Providers for 2025
Through rigorous analysis of product features including fees, overdraft charges, customer perks and overall satisfaction scores, Which? identified six standout banking providers that genuinely deliver value to customers.
These institutions earned the prestigious Which? Recommended Provider (WRP) badge for excellence in both customer satisfaction and product features:
- Chase
- Danske Bank
- First Direct
- Monzo
- Nationwide Building Society
- Starling Bank
Notably, Chase and Danske Bank secured WRP status for the first time, marking their debut appearance among the top-rated providers. Meanwhile, First Direct maintains its position as the longest-running award holder, having consistently earned the WRP badge for over ten consecutive years.
What This Means for Your Money
The research, conducted by Deltapoll in August 2025, highlights that even customers who have banked with the same institution for years might be leaving significant benefits untouched. With the banking landscape evolving rapidly, features that were once considered premium are becoming standard expectations.
Nationwide Building Society received particular recognition for its commitment to maintaining physical branches in an increasingly digital banking environment. Tom Riley, director of group retail products at Nationwide, confirmed the society's "branch promise" has been extended until at least 2030, ensuring all 696 Nationwide and Virgin Money locations remain open to serve customers who prefer in-person banking services.
Which? also noted that Allied Irish Bank and Revolut came very close to achieving WRP recognition this year, indicating strong competition in the banking sector.
The clear message for consumers is that shopping around for the right current account could yield substantial financial benefits. Whether you prioritise digital features, access to physical branches, or direct financial incentives, the 2025 recommendations provide a valuable starting point for finding an account that truly works with your money rather than against it.
