Last Updated on February 5, 2023 by admin
Over the last decade, the United Kingdom banks industry has seen notable change. A few huge banks presently control a sizable portion of the financial market.
Banking in the United Kingdom is advanced, with new industries led by cutting-edge technology and innovation.
So, we’ve compiled a list of the Top 20 Best Banks in the United Kingdom.
What is the Structure of Banks in the United Kingdom?
In the United Kingdom, banks are classified into many types. Each type of bank responds to different requirements, ranging from personal to commercial.
The four primary types of banks in the United Kingdom are listed below:
1]. Central Bank
The Bank of England, or BoE, is the central bank in the United Kingdom. The Bank of England is the central bank of the United Kingdom and the world’s eighth-oldest bank.
This Bank is in charge of establishing and sustaining the country’s monetary policy and financial stability.
2]. High Street Banks
High Street Banks are similar to retail banks in that they have several branch locations. These banks offer retail services, mostly to the general population.
They also serve a wider range of consumers rather than a certain market or kind of customer.
In fact, one unique aspect of High Street Banks is their major presence in any business district of towns and cities.
3]. Business Banking
Business Banking services are provided through High Street Banks. These features are in addition to what a regular account may give.
As a result, these are supplied as extra services for a cost.
Also Read: Is Consumer Non-Durables a Good Career Path?[ 7 Highest Paying Jobs in Consumer Non-Durables 2022]
4]. Investment Banking
Financial organizations provide investment banking services to customers ranging from individuals to governments.
Furthermore, these organizations offer investment banking services for investing in other firms and bond stocks.
In the United Kingdom, banks perform services on behalf of High Street Banks, investment trusts, and pension funds.
List of Top 20 Banks in The United Kingdom
This is a list of the top 15 banks you find in the United Kingdom:
- HSBC Holdings
- Lloyds Banking Group
- Royal Bank of Scotland Group
- Barclays
- Standard Chartered
- Santander UK
- Schroders
- Coventry Building Society
- Close Brothers Group plc
- Nationwide Building Society
- J.P. Morgan Securities plc
- Bank of Scotland
- National Westminster Bank
- NatWest Markets PLC
- Clydesdale Bank plc
- Coutts & Company
- Investec Bank Plc
- FCE Bank Plc
- Leeds Building Society
- Tesco Personal Finance PLC
#1: Top Banks in the United Kingdom: HSBC Holdings
In terms of total assets, HSBC Holdings is the seventh-biggest bank in the world and the largest in Europe.
Although it was founded in Hong Kong in March 1865, it now has its headquarters in the United Kingdom’s financial capital, London, and is the country’s largest bank.
#2: Lloyds Banking Group
Lloyds Banking Group is a large financial company in the United Kingdom.
It was created in 2009 by the buying of HBOS and the combination of HBOS and Lloyds TSB.
However, Lloyds Banking Group is made up of four divisions: Lloyds Bank, Halifax, Bank of Scotland, and HBOS. It is one of the biggest and one of the top banks in the United Kingdom, with its headquarters in London.
#3: Royal Bank of Scotland Group
Royal Bank of Scotland (RBS) was founded in 1727 and is currently the third-largest bank in the UK. Therefore, more than 1.8 million personal customers and 110,000 commercial clients are served by the Bank, which has a workforce of about 12,000 workers.
In 2018, the Bank recorded an operational profit of £3,359,000,000. Deposits, business banking services, asset and invoice financing, credit cards, financial planning services, etc. are just a few of the services that banks provide.
#4: Banks in the United Kingdom: Barclays
A global bank, Barclays has its main office in London. The bank’s reported profit before tax for 2018 increased by 20% to GBP 5,701 million, and the group return on tangible equity was close to the target amount for 2019 at 8.5%.
So, in 1690, the Bank opened its first branch, providing services including debit, credit, and charge cards, as well as current, savings, currency, and bond accounts.
In addition, the bank employs about 130,000 people to serve more than 48 million customers in more than 50 nations.
#5: Standard Chartered
Standard Chartered is a global provider of banking and financial services.
Despite having its headquarters in London, this financial services firm doesn’t provide any retail banking services in the UK.
In fact, the Middle East, Asia, and Africa account for the majority of its revenue.
#6: Banks in the United Kingdom: Santander UK
The first branch of the bank opened its doors in 1849. In 2010, the bank changed its name to Santander UK.
As of 2018, Santander UK has 15 million active clients and 5.5 million digital customers, making it a sizable retail and business bank.
However, compared to GBP 1,814 Million in 2017, Bank posted a net profit of GBP 1,567 Million in 2018. Through its 806 branches and 64 corporate business centers, the bank offers services such as retail banking, commercial banking, and global corporate banking.
#7. Banks in the United Kingdom: Schroders
Schroders is a financial services firm based in London.
It also operates in Europe, America, Asia, Africa, and the Middle East, providing retail banking, wealth management, commercial banking, and global banking services. It is one of the top banks in the United Kingdom.
#8. Coventry Building Society
A building society based out of Coventry in England is the second largest bank in the UK.
Therefore, Godiva Mortgages Limited, Coventry Building Society, and Covered Bonds are subsidiaries.
It provides its members with a variety of goods and services, including financial planning, mortgages, investment services, savings products, and travel insurance.
#9. Nationwide Building Society
The Nationwide Building Society was established in 18468 and operates in two divisions: retail and commercial.
Swindon is the bank’s headquarters, and it employs approximately 13,000 employees.
Therefore, current and savings accounts, Individual Savings Accounts (ISAs), residential mortgages, commercial real estate loans, project finance, and so on, are among their services.
The bank also offers social housing, personal and auto loans, home rehabilitation loans, and loans to housing associations.
#10. Banks in the United Kingdom: Close Brothers Group plc
Close Brothers was established in London in 1920. The bank employs almost 3,000 individuals.
It operates in three segments: retail, commercial, and property.
The Retail sector, largely through automobile dealers, insurance brokers, and merchants, offers intermediate credit to individuals.
In addition, small and medium-sized firms can get secured loans from the Commercial division.
#11. J.P. Morgan Securities plc
In terms of total assets, J.P. Morgan Securities plc is the third largest bank in the United Kingdom.
In 2021, its total assets were 715,79 billion USD, giving it a market share of 5.97%. The bank’s yearly profit in 2021 will be $1,721,81 million USD.
So, P.P. Morgan Wealth Management uses J.P. Morgan Securities, a licensed broker-dealer and investment advisor focused on offering tailored wealth management solutions to high-net-worth individuals and families.
#12. Top Banks in the United Kingdom: Bank of Scotland
The Bank of Scotland is the oldest Scottish bank, having been founded in 1695. In the United Kingdom, the Bank of Scotland offers a wide range of retail, private, and business banking products and services.
Indeed, the Bank of Scotland began its worldwide development in the 1970s and today performs certain businesses abroad.
In terms of total assets, the Bank of Scotland is the tenth-largest bank in the United Kingdom. So, in 2021, its total assets were 313,91 billion GBP, giving it a market share of 3.53%. The bank’s yearly profit in 2021 will be £1,962,000,000,000 GBP. In 2021, the Bank of Scotland employed 25 123 people.
#13. National Westminster Bank
National Provincial Bank (established in 1833) and Westminster Bank (formed in 1836) amalgamated in 1968 to form National Westminster Bank (NatWest).
Therefore, the National Westminster Bank is a universal bank that offers retail, private, and business banking products and services to individuals, small enterprises, and corporations.
In fact, National Westminster Bank has been a part of the Royal Bank of Scotland Group since 2000.
#14. Natwest Market PLC
NatWest Markets is the NatWest Group’s non-restricted investment banking subsidiary. As a matter of fact, NatWest Markets was formed in 2016 from the corporate and institutional banking division of RBS Group.
Also, NatWest Markets offers risk management, trading solutions, and debt finance to customers all across the world.
In terms of total assets, NATWEST MARKETS PLC is the 13th largest bank in the United Kingdom. In 2021, its total assets will be 182,55 billion GBP, giving the bank a market share of 2.05%. The bank’s yearly profit in 2021 was -491,00 million GBP.
#15. Clydesdale Bank Plc
Clydesdale Bank was formed in 1838 in Glasgow and has a history of innovation and support for businesses and communities. The bank is presently one of the major banks in Scotland providing retail, private and commercial banking products and services.
Clydesdale Bank plc also do KYC/AML checks when establishing business partnerships with new clients due to regulatory needs. Indeed, Clydesdale Bank plc will request the following papers from a private individual throughout the onboarding process: passport; address proof
However, Clydesdale Bank plc will request corporate papers as well as information on controlling people for business clients.
#16. Banks in the United Kingdom: Coutts & Company
Coutts and Co, founded in 1692, offers products and services in private banking and wealth management with a personal touch to international and ultra-high net worth people.
The bank also provides retail consumers with online investing funds.
#17. Investec Bank Plc
Investec Bank, founded in 1950, is a British financial organization that focuses on specialty banking, asset, and wealth management in three primary markets: the United Kingdom, South Africa, and Australia, as well as select other locations.
In terms of total assets, Investec Bank Plc is the 29th largest bank in the United Kingdom.
In 2021, its total assets were 24 395,54 million GBP, giving it a market share of 0.27%. As of 2021, the bank’s yearly profit was 62,95 mln GBP.
#18. Banks in the United Kingdom: FCE Bank Plc
FCE Bank provides Ford dealers and consumers with a wide range of retail, leasing, and wholesale automotive financial products and services. At the points of sale, the products and services are offered via Ford’s dealer network.
In terms of total assets, FCE Bank plc is the 36th largest bank in the United Kingdom. In 2021, its total assets were 15 065,00 million GBP, giving it a market share of 0.17%. The bank’s yearly profit in 2021 was 158,00 million GBP.
#19. Leeds Building Society
Leeds Building Society, founded in 1875, offers a comprehensive range of mortgage and savings products at affordable rates to its consumers (residents of the United Kingdom only).
In fact, Leeds Building Society savings accounts are protected by the British deposit guarantee system.
#20. Tesco Personal Finance PLC
Tesco Personal Finance was founded in 1997 as a partnership between Tesco Group and the Royal Bank of Scotland.
They purchased RBS’s stake in 2008 and renamed the company Tesco Bank.
The Bank offers financial goods and services to Tesco clients (insurance, savings, and current accounts, credit cards, personal loans, and mortgages).
Banks in the United Kingdom (FAQs)
Which bank in the UK is the best?
- The Nationwide Building Society.
- Halifax.
- The Co-operative Bank.
What is the number 1 bank in the UK?
HSBC Holdings
What are the most popular banks in UK?
- HSBC Holdings.
- Lloyds Banking Group.
- Royal Bank of Scotland Group.
- Barclays.
- Standard Chartered.
Which is the safest bank in UK?
| Bank | S&P’s long-term rating |
|---|---|
| Santander | AA (Very strong) |
| HSBC | AA- (Very strong) |
| Barclays | A+ (Strong) |
| Lloyds | A+ (Strong) |
Conclusion
You’ve seen the ranking of the UK’s most reputable and top banks. We hope it has helped you make a decision.
Please get in touch with us if you still have any questions, and we’ll help you choose which of the top UK banks is best for you.
