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Moneyfacts Business Star Ratings 2023 announced

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
10/05/2023

A stellar year for Moneyfacts Business Current Accounts and Business Credit Cards Star Ratings 2023

Moneyfacts is pleased to announce the Moneyfacts Star Ratings 2023 for Business Current Accounts and Business Credit Cards.

  • For business current accounts there were 35 Five-Stars, down by two on the previous year, and 13 Four-Star Ratings, unchanged since 2022, awarded for both accounts for all customers and those specifically for community banking.
  • There were eight Five-Star and three Four-Star Ratings awarded across the whole business credit card market, with a fall of just one Four-Star Rating from last year.
  • Over 225 fields of information per individual product were collected for business current accounts and more than 230 fields of information per individual product were collected for business credit cards, all available for assessment.

The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive charges, which set them apart from the rest of the market.

Moneyfacts has been analysing data for 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing business current accounts and business credit cards.

Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-01/2023).

A stellar year for Moneyfacts Business Current Accounts and Business Credit Cards Star Ratings 2023

Moneyfacts is pleased to announce the Moneyfacts Star Ratings 2023 for Business Current Accounts and Business Credit Cards.

  • For business current accounts there were 35 Five-Stars, down by two on the previous year, and 13 Four-Star Ratings, unchanged since 2022, awarded for both accounts for all customers and those specifically for community banking.
  • There were eight Five-Star and three Four-Star Ratings awarded across the whole business credit card market, with a fall of just one Four-Star Rating from last year.
  • Over 225 fields of information per individual product were collected for business current accounts and more than 230 fields of information per individual product were collected for business credit cards, all available for assessment.

The products awarded Five or Four-Star Ratings offer the most comprehensive range of standout features and competitive charges, which set them apart from the rest of the market.

Moneyfacts has been analysing data for 35 years, with the instantly recognisable Moneyfacts badge of quality helping inform consumers when comparing business current accounts and business credit cards.

Nine out of 10 people agree that a Star Rating from an independent and impartial company could influence their decision in considering taking out a Financial Services product.* (*Source: Moneyfacts Group Plc, Star Ratings survey 11/2022-01/2023).

This year’s Five-Star awarded providers for business current accounts include:

Business Current Accounts: Metro Bank and Virgin Money.

This year’s Five-Star awarded providers for business credit cards include:

Business Credit Cards: Barclaycard Business, Metro Bank and NatWest and Royal Bank of Scotland

VIEW THE FULL LIST OF 2023 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CURRENT ACCOUNTS.

VIEW THE FULL LIST OF 2023 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CREDIT CARDS.

This year’s Five-Star awarded providers for business current accounts include:

Business Current Accounts: Metro Bank and Virgin Money.

This year’s Five-Star awarded providers for business credit cards include:

Business Credit Cards: Barclaycard Business, Metro Bank and NatWest and Royal Bank of Scotland

VIEW THE FULL LIST OF 2023 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CURRENT ACCOUNTS.

VIEW THE FULL LIST OF 2023 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CREDIT CARDS.

Lee Tillcock, Managing Editor of Business Moneyfacts, said:

“The annual Moneyfacts Business Current Account Star Ratings provide businesses with valuable insight into the quality of the features on offer, before assessing the individual costs. The impressive range of features offered to meet the needs of modern-day businesses means that there are plenty of options to consider when choosing a business current account – something that the sector and regulator continue to promote. The ongoing challenges of the past year have seen businesses of all sizes re-evaluate their day-to-day banking needs and choosing the right business current account and business credit card remain a vitally important aspect for businesses in all sectors.

“The economic challenges of the past year have also seen more businesses utilise business credit cards in order to assist them with keeping control of expenses and to keep cash flow moving. While it is not always easy for business customers to identify which deal will offer the best quality for their specific business needs, innovation and increased competition across the business credit card sector is to be welcomed. The annual Moneyfacts Business Credit Card Star Ratings look at the underlying features of a product, ensuring the business customer finds the most complete product in terms of flexibility and added extras, which will reward them over the longer term.”

Lee Tillcock, Managing Editor of Business Moneyfacts, said:

“The annual Moneyfacts Business Current Account Star Ratings provide businesses with valuable insight into the quality of the features on offer, before assessing the individual costs. The impressive range of features offered to meet the needs of modern-day businesses means that there are plenty of options to consider when choosing a business current account – something that the sector and regulator continue to promote. The ongoing challenges of the past year have seen businesses of all sizes re-evaluate their day-to-day banking needs and choosing the right business current account and business credit card remain a vitally important aspect for businesses in all sectors.

“The economic challenges of the past year have also seen more businesses utilise business credit cards in order to assist them with keeping control of expenses and to keep cash flow moving. While it is not always easy for business customers to identify which deal will offer the best quality for their specific business needs, innovation and increased competition across the business credit card sector is to be welcomed. The annual Moneyfacts Business Credit Card Star Ratings look at the underlying features of a product, ensuring the business customer finds the most complete product in terms of flexibility and added extras, which will reward them over the longer term.”

Numerous features are considered when assessing the ratings, and some of these include:

Numerous features are considered when assessing the ratings, and some of these include:

Business Current Accounts:

Business Current Accounts:

Flexibility

  • Account management
  • Card availability
  • Services from other banks and branches

Benefits

  • Loyalty bonus
  • Exclusive offers
  • Satisfaction guarantees
  • Emergency card
  • Preferential deals on other
    financial products

Flexibility

  • Account management
  • Card availability
  • Services from other banks and branches

Benefits

  • Loyalty bonus
  • Exclusive offers
  • Satisfaction guarantees
  • Emergency card
  • Preferential deals on other
    financial products

Features

  • Introductory offers
  • Credit interest
  • Overdraft availability
  • Standing charges
  • Cash withdrawal facilities and charges
  • Debit transaction charges
  • Credit transaction charges
  • Statement fees
  • Transfers and faster payments
  • Facilities and charges
  • Cash exchanging facilities and charges

Features

  • Introductory offers
  • Credit interest
  • Overdraft availability
  • Standing charges
  • Cash withdrawal facilities and charges
  • Debit transaction charges
  • Credit transaction charges
  • Statement fees
  • Transfers and faster payments
  • Facilities and charges
  • Cash exchanging facilities and charges

Business Credit Cards

Business Credit Cards

Flexibility

  • Opening & operating options
  • Payment options
  • Balance transfer availability
  • Contactless
  • Number of additional cards

 

Benefits

  • Card fees
  • Balance & money transfer fees
  • Cash withdrawal fees
  • Late payment charges
  • Foreign usage charges
  • Trace fees
  • Minimum interest charges
  • Dormancy fees
  • Replacement card fees

Flexibility

  • Opening & operating options
  • Payment options
  • Balance transfer availability
  • Contactless
  • Number of additional cards

 

Benefits

  • Card fees
  • Balance & money transfer fees
  • Cash withdrawal fees
  • Late payment charges
  • Foreign usage charges
  • Trace fees
  • Minimum interest charges
  • Dormancy fees
  • Replacement card fees

Features

  • Airport lounge access
  • Free emergency card
  • Free emergency cash
  • Interest free days
  • Enhanced Purchase protection
  • Luggage insurance
  • Free text alerts
  • Cashback
  • Travel accident insurance
  • European/worldwide travel insurance
  • Flight cancellation/delay insurance
  • Medical insurance
  • Personal liability insurance

Features

  • Airport lounge access
  • Free emergency card
  • Free emergency cash
  • Interest free days
  • Enhanced Purchase protection
  • Luggage insurance
  • Free text alerts
  • Cashback
  • Travel accident insurance
  • European/worldwide travel insurance
  • Flight cancellation/delay insurance
  • Medical insurance
  • Personal liability insurance

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts’ Star Ratings highlight the best quality financial products available based on an assessment of all their features and criteria. Moneyfacts Star Ratings logos act as an independent and impartial badge of approval and help customers easily spot which are the better deals to help them make important decisions with confidence.

The growing range of products currently assessed includes:

  • Personal Current Accounts
  • Personal Credit Cards
  • Business Current Accounts
  • Business Credit Cards
  • SIPP and SSAS
  • Equity Release
  • Home Insurance
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

For more information about us please see our key facts.

To link to our website please use moneyfactsgroup.co.uk.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfacts’ Star Ratings highlight the best quality financial products available based on an assessment of all their features and criteria. Moneyfacts Star Ratings logos act as an independent and impartial badge of approval and help customers easily spot which are the better deals to help them make important decisions with confidence.

The growing range of products currently assessed includes:

  • Personal Current Accounts
  • Personal Credit Cards
  • Business Current Accounts
  • Business Credit Cards
  • SIPP and SSAS
  • Equity Release
  • Home Insurance
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

For more information about us please see our key facts.

To link to our website please use moneyfactsgroup.co.uk.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Contact Us If you're looking for extra comment, a chart or more information, then please give us a call. We are always more than happy to help.
James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant