(Credit: George Iordanov-Nalbantov)

The report, which surveyed over 54,000 people across 34 countries in 17 languages between October and November 2025, assessed institutions on five key criteria: trustworthiness, terms and conditions, customer service, digital services, and quality of financial advice. Respondents were asked both to rate their satisfaction with their own financial providers and whether they would recommend them to others.

Nationwide, the UK’s largest building society, retains its mutual status – meaning it is owned by its members rather than shareholders – yet has steadily expanded to rival the traditional high street banks.

Its £2.9 billion acquisition of Virgin Money significantly bolstered its retail banking portfolio, and its offer of a £200 switching bonus has proved a consistent lure for new current account customers. The society has also committed to maintaining its branch network until 2030, setting it apart from larger rivals retreating from the high street.

Second place went to First Direct, the digital arm of HSBC UK, which serves around two million customers, whilst fintech firm Monzo claimed third with approximately 15 million personal and business account holders across the UK. Digital challengers Starling and Revolut followed in fifth and sixth place respectively.

Conspicuously absent from the top ten were all four of the traditional big four banks – Barclays, NatWest, HSBC, and Lloyds. Barclays fared best of the group, appearing in 12th place.

Challenger bank Aldermore narrowly missed the podium, though the result is overshadowed by the firm’s recently announced plans to withdraw from the UK market amid regulatory pressures linked to the motor finance scandal.

Across the Atlantic, San Francisco-based SoFi took the top spot in the United States rankings, with the country’s largest lender, JP Morgan, failing to feature among the 72 ranked institutions.