10 Biggest Banks in UK in 2024
Bank hunting is an important step for managing your money well whether you just arrived at the UK or you are a resident looking for a switch. Despite having almost 350 banks in the UK, some of the big players dominate the market and they offer various services depending on varied needs. This blog will look deeper into top ten banks in UK by 2024, analyzing them, their benefits and their unique features to help you choose better.
Banking in the United Kingdom
The banking system in this country includes private banks, international banks, and building societies. In order to open a bank account in Britain, it is generally necessary to provide identification (such as a passport or driving license) and proof of residence. In England to open a current account with UK bank you would not need any money but fixed accounts can be accessed after paying monthly service charges. Online as well as mobile banking have gained popularity; therefore it is easy to control one’s financial situation even while away from home The only thing that should worry customers more than anything is the high fees charged on international transfers outside Europe since there are other options like Wise which does not charge such rates.
Here is a list of the Top 10 Banks in UK in 2024:
1. HSBC
HSBC being among the ‘Big Four’ has many branches throughout the country. HSBC operates across several countries due to its global nature which is advantageous to people who already have an account with HSBC at home. It offers various services including savings accounts, foreign currency accounts, mortgages, credit cards, insurance products, and current accounts. For everyday banking there is also a choice between Basic Bank Account or Advance Account if additional features are needed.
Key Features:
- Extensive global presence and branch network
- Multiple account types catering to different needs
- Comprehensive range of financial products and services
Strengths:
- Strong international presence
- Wide variety of financial products
- Advanced online and mobile banking platforms
Challenges:
- High fees for international transfers outside Europe
- Customer service may vary by branch
2. Lloyds Bank
Lloyds Bank, founded in 1765, is also a key player in the British banking industry. It provides various kinds of checking accounts such as Classic and Club Lloyds accounts as well as premium and specialized accounts. The Silver account for instance offers family travel insurance and breakdown cover while the Platinum account provides mobile phone insurance. These two types of accounts require paying some fee every month. Additionally, Lloyds Bank has special accounts for the young people such as Smart Start savings account and Student Account.
Key Features:
Long history and strength
Different types of account options
Specialist youth and student facilities
Strengths:
Wide range of account categories
Strong consumer orientation
Vast branch network including ATMs
Challenges:
Monthly charges on high-end products
Some products are not comprehensive.
NatWest
NatWest is a popular bank in UK with an extensive network of branches and ATMs. It serves individual customers, businesses, private banking clients and wealth management customers among others. They offer a variety of current (checking) and savings accounts like NatWest Select Account which is free to open or Reward Account which pays rewards on your spending & payments but will charge you per month for its use. There are also special student and young people’s accounts.
Key Features:
Extensive branch network with many ATMs
Several types of accounts including rewards systems
Private banks with investment divisions.
Strengths:
Nationwide footprint across the country
The breadth of financial products available.
Reward based packages.
Challenges:
Monthly payment is required to access reward packages’
Service quality may vary
Barclays
Barclays, another member of the ‘big four’, is a worldwide bank and has operated for so long since 1690. It offers a variety of personal banking products such as current accounts, savings accounts, credit cards, mortgages, investment products and insurance. The standard Barclays Bank Account and Premier Current Account are examples of popular current accounts. Barclays also has a Student Additions Account which can be accessed by university students.
Key Features:
A long heritage and solid reputation
Wide range of financial products
Banking services meant for undergraduates
Strengths:
All-rounded service provision
Highly effective mobile banking system
Great international standing
Challenges:
High charges for international remittances
Some customers have experienced poor customer care services.
Royal Bank of Scotland (RBS)
Based in Edinburgh, the Royal Bank of Scotland (RBS) represents part of NatWest Group. RBS has several current accounts just like its parent company including RBS Select Account and Reward Account. RBS also offers premier account services among others designed to serve students as well as teenagers kids.
Key Features:
Numerous account options offered on this platform
Branches under NatWest Group’s umbrella
Accounts separated based on age categories only.
Strengths:
A strong presence in Scotland and across Britain
Different financial instruments available in the market today.
Service is customer-driven.
Challenges:
Paid monthly fees for premium accounts.
Quality of customer support varies across different regions
Nationwide
Nationwide is one of the building societies which means it is owned and run in the interest of its members. Being the largest building society worldwide, Nationwide offers bank-like services such as current accounts, saving accounts, credit cards, loans and mortgages. Prominent among these include FlexPlus, FlexDirect as well as FlexAccount. Moreover, they have special savings accounts for kids like FlexOne account for those aged between 11 and 17 years and FlexStudent.
Key Features:
Building society owned by members
Vast range of financial products
Specialized accounts for teenagers
Strengths:
Member focused culture
Full suite of service offerings provided
Strong history for client satisfaction
Challenges:
Limited number of outlets compared to bigger banks,
Some accounts charge fees.
Halifax
Halifax is a previous building society that now forms part of Lloyds Banking Group offering other products such as current accounts, savings account, loans, credit cards and home insurance. The Standard Current Account; The Reward Current Account; And Ultimate Reward Current Account with Extra Benefits like travel insurance or breakdown cover at a monthly fee are from which customers may select. Furthermore, there are also specialized Student Current Account and Money Smart Account for kids ages 11-15.
Key Features:
Part of Lloyds Banking Group
A wide range of financial products on offer
Accounts specially designed for students/young people
Strengths:
Wide product line-up available.
Robust online & mobile banking channels.
Focus on customers’ needs .
Challenges:
Fees charged monthly for premium options,
Poor customer service experiences reported by some clients
Santander UK
As part of the Banco Santander, Santander UK offers a broad range of products including current accounts, savings accounts, mortgages, credit cards and insurance. The 1|2|3 Current Account and the Santander Edge Current Account are examples of popular accounts among customers. This includes student current account.
Key Features:
Part of an international banking group
Wide range of financial products
Specialized accounts for students
Strengths:
A wide variety of services
Strong worldwide presence
Focus on customer needs
Challenges:
Some accounts have monthly fees.
Customer service may differ.
First Direct
First direct, a branch of HSBC operates by phone and online exclusively and has no physical branches. The company offers an exceptional customer service with one Current Account that leads to access to a regular saver account. For example, the bank also provides savings accounts, loans, mortgages, credit cards as well as investments.
Key Features:
Online and phone-based banking
Known for excellent customer service
Simple range of products
Strengths:
High client satisfaction levels
Easy to use platforms for online and mobile banking
Attractive product propositioning
Challenges:
No physical branches exist.
Restricted set of account types.
Metro Bank
It is among recent high street banks in the UK founded in 2010. They have various financial services including current accounts, savings accounts, loans, mortgages and insurances provided. Customers can select from Current Account, Cash Account or Foreign Currency Account. Unlike traditional banks that close during weekends or after 5 o’clock pm this bank is known for open branch hours and highly interactive banking experience.
Key Features:
Focus on in-person banking experience
Wide range of financial products
Extended branch hours
Strengths:
High customer satisfaction levels are registered here.
Strong focus on customer service is demonstrated by Metro Bank staff.
Innovative technologies for business customers are being introduced here.
Challenges:
Smaller number of branches than older competitor banks offer.
Range of account types is limited
Conclusion
There are many different options available to meet individual preferences and needs in the UK banking industry. HSBC and Barclays have a worldwide presence while First Direct and Nationwide focus on their customers’ satisfaction. Thus, anyone can find a bank that suits their requirements. In 2024 leading banks of the United Kingdom must be noted for providing variety of options to govern your money, whether you prefer face-to-face services, ingenious e-solutions or an intense emphasis on sustainability among others. One should bear in mind what each institution has in terms of features, strengths and challenges to make decisions when choosing a bank that serves them best.
