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Moneyfacts Business Star Ratings 2024 announced

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
08/05/2024

A stellar year for Moneyfacts Business Current Accounts and Business Credit Cards Star Ratings 2024

Moneyfacts is pleased to announce the Moneyfacts Star Ratings 2024 for Business Current Accounts and Business Credit Cards.

  • For business current accounts there were 28 Five-Stars, down by eight on the previous year, and 12 Four-Star Ratings, down by three on the previous year, awarded for both accounts for all customers and those specifically for community banking.

  • There were eight Five-Star and two 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 limits, which set them apart from the rest of the market.

Moneyfacts has been analysing data for more than 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 11/2022-1/2023).

A stellar year for Moneyfacts Business Current Accounts and Business Credit Cards Star Ratings 2024

Moneyfacts is pleased to announce the Moneyfacts Star Ratings 2024 for Business Current Accounts and Business Credit Cards.

  • For business current accounts there were 28 Five-Stars, down by eight on the previous year, and 12 Four-Star Ratings, down by three on the previous year, awarded for both accounts for all customers and those specifically for community banking.

  • There were eight Five-Star and two 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 limits, which set them apart from the rest of the market.

Moneyfacts has been analysing data for more than 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 11/2022-1/2023).

VIEW THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CURRENT ACCOUNTS.

VIEW THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CREDIT CARDS.

 

VIEW THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CURRENT ACCOUNTS.

VIEW THE FULL LIST OF 2024 AWARDED PRODUCTS – PLEASE CLICK HERE FOR BUSINESS CREDIT CARDS.

 

Lee Tillcock, Managing Editor of Business Moneyfacts, said:

“Vital to the success of businesses, the challenges of the past year have seen the continuing importance of products in the business current account and credit card sectors further emphasised. 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 are clearly keen to promote. 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.

“It is also encouraging to see providers innovate and increase competition across the business credit card sector. However, as more businesses utilise business credit cards to assist them with keeping in control of expenses and keeping cash flow moving, it is still not easy for business customers to identify which deal will offer the best quality for their specific needs. 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:

“Vital to the success of businesses, the challenges of the past year have seen the continuing importance of products in the business current account and credit card sectors further emphasised. 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 are clearly keen to promote. 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.

“It is also encouraging to see providers innovate and increase competition across the business credit card sector. However, as more businesses utilise business credit cards to assist them with keeping in control of expenses and keeping cash flow moving, it is still not easy for business customers to identify which deal will offer the best quality for their specific needs. 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
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

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
  • Home Emergency Cover
  • Car Insurance
  • Travel Insurance
  • Pet Insurance
  • Private Medical Insurance
  • Unsecured Personal Loans
  • Landlord Home Insurance
  • Commercial Mortgage.

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

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

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.

 

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James Hyde Press & PR Manager
Rachel Springall Press Officer / Finance Expert
Caitlyn Eastell Apprentice Press & PR Assistant