The results come from an independent survey of thousands of personal and small business users, and must be prominently displayed in banks’ branches, as well as on their websites and apps.

This will see RBS forced to put up posters saying it has come bottom of the league table, which is headed by the online bank First Direct. 

Information on service quality will be published every six months by all British banks and building societies with more than 150,000 personal current accounts (PCAs) or 20,000 business current accounts (BCAs), and all Northern Ireland banks and building societies with more than 20,000 PCAs or 15,000 BCAs.

Adam Land, senior director at the CMA, said: ‘For the first time, people will now be able to easily compare banks on the quality of the service they provide, and so judge if they’re getting the most for their money or could do better elsewhere.

‘This is one of the many measures – including Open Banking and overdraft text alerts – that we put in place to make banks work harder for their customers and help people shop around to find the best deals for them.’

The CMA has also asked the Financial Conduct Authority (FCA) to require banks to release further information on their performance and services to drive up standards.

Banks will now be required by the FCA to publish details of available services and relevant helplines. In addition, the banks will also have to provide information about the number of major operational and security incidents they have experienced, and provide updates on their websites, as well as details of the published level of complaints made against the firm.

From February 2019, the FCA will expect that banks publish figures on how long it takes to open current accounts and replace debit cards.

Christopher Woolard, executive director of strategy and competition at the FCA, said: ‘Getting a good deal isn’t just about pricing. It’s also important for customers – including individuals and small businesses – to be able to judge the quality of service around their current account and to see whether other providers could offer something that suits them better.’

The FCA rules apply to banks and building societies with 70,000 or more personal current accounts or with15,000 or more small business current accounts.

FCA mandated information on current account services is here

Business banking survey results are here

Personal banking survey results are here

Report by Pat Sweet