UK challenger banks have outperformed traditional high-street banks in terms of the savings and current accounts they offer, according to a survey commissioned by Which?.

The survey analyzed factors such as application processes, customer service, and savings rates to determine an overall score for each bank. Coventry Building Society and Paragon Bank received top scores for savings accounts. Marcus by Goldman Sachs led the rankings with an overall score of 85%, followed by Chase at 83%, and Paragon Bank at 82%.

Meanwhile, Starling Bank was named the top current account provider with a score of 83%. Nationwide led among current account providers with branches, scoring 78%. Bank of Ireland UK ranked lowest for the second year in a row, with a score of 63%. According to the survey, one in six savers is looking to switch accounts in the next year, highlighting the potential for customers to miss out on better interest rates. For instance, there's a 2% difference between the best and average rates for instant-access accounts, which could cost savers £199 on a £10,000 deposit over a year. Photo by Roger Davies, Wikimedia commons.