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Current Account and Credit Card Star Ratings 2023

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
07/09/2022

A stellar year for the Personal Current Accounts and Personal Credit Cards Star Ratings 2023

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

  • For 2023, the number of credit cards available in the market has increased by 14% while the number of personal current account products available has remained consistent, increasing by just one.
  • For personal credit cards, there were 55 Five-Star and 28 Four-Star Ratings across the standard and credit repair categories.
  • For personal current accounts, there were 40 Five-Star and 28 Four-Star Ratings awarded across the categories of standard, packaged, premium, youth, student and graduate accounts.
  • Over 225 fields of information per individual product were collected for personal current accounts and more than 250 fields of information per individual product were collected for personal 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.

The instantly recognisable Moneyfacts badge of quality has for over 30 years helped inform consumers comparing personal current accounts and personal credit cards. About 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, Financial Services online consumer survey 4/21).

A stellar year for the Personal Current Accounts and Personal Credit Cards Star Ratings 2023

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

  • For 2023, the number of credit cards available in the market has increased by 14% while the number of personal current account products available has remained consistent, increasing by just one.
  • For personal credit cards, there were 55 Five-Star and 28 Four-Star Ratings across the standard and credit repair categories.
  • For personal current accounts, there were 40 Five-Star and 28 Four-Star Ratings awarded across the categories of standard, packaged, premium, youth, student and graduate accounts.
  • Over 225 fields of information per individual product were collected for personal current accounts and more than 250 fields of information per individual product were collected for personal 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.

The instantly recognisable Moneyfacts badge of quality has for over 30 years helped inform consumers comparing personal current accounts and personal credit cards. About 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, Financial Services online consumer survey 4/21).

This year’s Five-Star awarded Personal Current Account providers include:

Bank of Scotland, Danske Bank, Lloyds Bank and NatWest.

This year’s Five-Star awarded Personal Credit Card providers include:

HSBC, NatWest and Tesco Bank.

FOR THE FULL LIST OF 2023 AWARDED PERSONAL CURRENT ACCOUNTS, PLEASE CLICK HERE - FOR PERSONAL CREDIT CARDS, PLEASE CLICK HERE.

 

This year’s Five-Star awarded Personal Current Account providers include:

Bank of Scotland, Danske Bank, Lloyds Bank and NatWest.

This year’s Five-Star awarded Personal Credit Card providers include:

HSBC, NatWest and Tesco Bank.

FOR THE FULL LIST OF 2023 AWARDED PERSONAL CURRENT ACCOUNTS, PLEASE CLICK HERE - FOR PERSONAL CREDIT CARDS, PLEASE CLICK HERE.

 

Samantha Owens, Star Ratings and Personal Finance Analytics Manager at Moneyfacts, said:

“With the cost of living on the rise and consumers looking to save money on all aspects of life, getting the most from the products they use for their daily transactions can help to ease some of this burden.

“While the rates charged for overdrafts have risen for a number of customers, and credit interest rates are rare and slow to rise, there are many other benefits on current accounts that can help with finances in the longer term. In addition, with the expanding number of options in the credit card market, the choice of cards that can offer rewards or benefits to offset some of the rising costs consumers are facing has increased. The Moneyfacts Annual Star Ratings take away some of the hard work of searching the market, allowing customers to focus their attention on the most complete products.”

Samantha Owens, Star Ratings and Personal Finance Analytics Manager at Moneyfacts, said:

“With the cost of living on the rise and consumers looking to save money on all aspects of life, getting the most from the products they use for their daily transactions can help to ease some of this burden.

“While the rates charged for overdrafts have risen for a number of customers, and credit interest rates are rare and slow to rise, there are many other benefits on current accounts that can help with finances in the longer term. In addition, with the expanding number of options in the credit card market, the choice of cards that can offer rewards or benefits to offset some of the rising costs consumers are facing has increased. The Moneyfacts Annual Star Ratings take away some of the hard work of searching the market, allowing customers to focus their attention on the most complete products.”

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:

Personal Current Accounts

Personal Current Accounts

  • Opening and operating options
  • Funding
  • Card availability
  • Credit interest
  • Overdraft availability
  • Direct debit, standing order & cheque book availability
  • Refused charges
  • Foreign usage charges
  • Text alerts
  • Opening and operating options
  • Funding
  • Card availability
  • Credit interest
  • Overdraft availability
  • Direct debit, standing order & cheque book availability
  • Refused charges
  • Foreign usage charges
  • Text alerts
  • Switching incentives
  • Cashback
  • Travel insurance
  • Preferential deals on savings, mortgages, loans & credit card products
  • Emergency cash services
  • Vehicle breakdown
  • Gadget & mobile phone insurance
  • Discounts on restaurants and leisure attractions
  • Switching incentives
  • Cashback
  • Travel insurance
  • Preferential deals on savings, mortgages, loans & credit card products
  • Emergency cash services
  • Vehicle breakdown
  • Gadget & mobile phone insurance
  • Discounts on restaurants and leisure attractions

Personal credit cards

Personal credit cards

  • Opening and operating options
  • Payment options
  • Balance transfer availability
  • Money transfer availability
  • Contactless
  • Card fees and charges
  • Balance and money transfer fees
  • Cash withdrawal fees
  • Late payment charges
  • Foreign usage charges
  • Minimum interest charges
  • Airport lounge access

 

  • Opening and operating options
  • Payment options
  • Balance transfer availability
  • Money transfer availability
  • Contactless
  • Card fees and charges
  • Balance and money transfer fees
  • Cash withdrawal fees
  • Late payment charges
  • Foreign usage charges
  • Minimum interest charges
  • Airport lounge access

 

  • Free emergency card
  • Free emergency cash
  • Interest free days
  • Loyalty schemes
  • Luggage insurance
  • Free text alerts
  • Extended appliance warranty
  • Cashback
  • Travel accident insurance
  • Flight delay/cancellation insurance
  • Enhanced purchase protection

 

  • Free emergency card
  • Free emergency cash
  • Interest free days
  • Loyalty schemes
  • Luggage insurance
  • Free text alerts
  • Extended appliance warranty
  • Cashback
  • Travel accident insurance
  • Flight delay/cancellation insurance
  • Enhanced purchase protection

 

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