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Independent service quality survey results
Business current accounts
Published February 2020
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 14 largest business current account providers if they would recommend their provider to other small and medium-sized enterprises (SMEs*). The results represent the view of customers who took part in the survey.
Overall service quality
We asked customers how likely they would be to recommend their business current account provider to other SMEs.
Ranking
The requirement to publish the Financial Conduct Authority Service Quality Information for Business current accounts can be found here.
19 out of 10 is based on formal credit applications and is an average across the period January 2017 - December 2017.
2The representative APR is an illustration of the rate that the majority of customers will receive. If a loan is described as having a particular representative APR, then we expect to offer that rate or better to at least 51% of the applicants we accept. Other customers may get a different rate based on their individual circumstances.
Our representative APR applies to all unsecured loans with a borrowing amount of up to £25,000 for businesses with a turnover of up to £25 million. This figure is not necessarily the rate you will be receiving and is for illustrative purposes only.
3EAR stands for equivalent annual rate. It is the rate you would pay if you go overdrawn to the full limit of your facility for the entire year. It takes into account the interest rate you are charged as a result and how often it’s charged - in this case interest is calculated daily and charged monthly. It then takes into account the effect of compounding - charging interest on interest - on your debt. Charges for unarranged overdrafts are charged separately.
4The representative EAR is an illustration of the rate that the majority of customers will receive. If an overdraft is described as having a particular representative EAR then we expect to offer that rate or better to at least 51% of the applicants we accept. Other customers may get a different rate based on their individual circumstances.
Our representative EAR applies to all unsecured overdrafts with a borrowing amount of up to £25,000 for businesses with a turnover of up to £25 million. This figure is not necessarily the rate you will be receiving and is for illustrative purposes only.
Any property given as security, which may include your home, may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
Due to FSCS eligibility criteria not all business customers will be covered.