Top 10 Best Bank in UK- Are you trying to find a new bank account in the United Kingdom? Maybe you’re new to the area and need help organizing your finances.
When you first arrive in the UK, one of your primary responsibilities will be to open a bank account. However, how can you decide which one is best?
Continue reading for a list of the top UK banks, available account kinds, and some useful details on how the UK banking system operates.
Now, let’s get going.
An Overview of Top 10 Best Bank in UK
Building societies and both domestic and foreign banks comprise the UK’s banking sector. In the UK, there are about 350 banks. However, a small number of very large banks control the majority of the industry.
In the UK, you will often need to present identification (a passport or driver’s license) and evidence of address to create a bank account. You may need to take additional actions to verify your identification.
English banks often offer free opening and monthly fees for current accounts. Nonetheless, there are bank accounts that come packaged and offer additional benefits or savings in return for a monthly fee.
It’s normally free to use the ATM at your bank, but not if you use your card or an ATM operated by a different company overseas. Along with mobile banking, the majority of big banks also provide online banking.
Additionally, UK banks frequently impose exorbitant costs for foreign transactions made outside of Europe, just like banks in other nations- Top 10 Best Bank in UK.
Take into consideration adopting an alternative, like the Wise account, to prevent these costly fees. It might save you a ton of money and is perfect for transactions abroad.
How Can I Open a Bank Account in UK (United Kingdom)?
Two pieces of documentation are required to establish a bank account in the United Kingdom- Top 10 Best Bank in UK. The two documents are evidence of identification and proof of address, respectively.
The sort of account you want to create may determine which extra documentation some institutions demand.
One of the following papers might be used as identification proof:
✅ ID card Driver’s license
✅ Identity card
✅ Permit for residency in the United Kingdom
✅ Permit for Biometric Residency (BRP)
If you have the necessary paperwork, you are able to create a bank account in the UK even if you are not a citizen. For example, in most circumstances, foreign people with a BRP may establish a regular current account.
The Majority of UK Banks Accept the following Papers as Evidence of Address:
i. Latest electric bill
ii. Present bill for council taxes
iii. Recent bank account or credit card statement
iv. A mortgage statement or a rental agreement
However, you should always verify with the bank of your choosing first since some banks may have their own list of acceptable papers as evidence of residence. To help the bank confirm your address, the papers you provide should, however, be current—ideally from within the last three months—and not expired.
Tip: Applications submitted online or in-branch must have evidence of residence and identification documentation.
Top 10 Best Bank in UK
Managing your money wisely begins with picking the correct bank. There is a vast array of banking options in the UK, so you can choose one that suits your needs best in terms of customer service, product offerings, or interest rates. This article will investigate the Top 10 Best Banks in the United Kingdom, emphasizing their strengths and distinctive characteristics to assist you in making an informed decision.
i. Nationwide Building Society
With more than sixteen million registered members, the Nationwide Building Society surpasses all others as the biggest building society globally.
As a building society, Nationwide is a mutual financial organization that functions in the interest of the members and is also owned by them, not stockholders.
Nationwide has developed tremendously since it was created in 1884. It has almost one hundred mergers, including the Anglia Building Society. Currently, Nationwide’s headquarters are in Swindon, England.
Like any other bank, Nationwide provides a broad assortment of services such as current accounts, business accounts, mortgages, overdrafts, loans, credit cards, and insurance.
ii. Lloyds Bank
Lloyds Bank is one of the finest alternatives for daily banking, with over 500 locations and a comprehensive ATM network throughout England and Wales. For consumers in Northern Island and Scotland, they may be served at Halifax and Bank of Scotland, respectively.
Having been functioning since 1765, Lloyds Bank is recognized as one of the “Big Four” clearing banks and one of the major retail banks in the UK.
The bank began growing globally in 1911 under Lloyds Bank International. It also provides account choices for firms in the Channel Islands and Isle of Man.
iii. HSBC Bank UK
HSBC Bank UK is one of the four main clearing banks in the United Kingdom. It is a wholly-owned subsidiary of HSBC Holdings, which is one of the world’s leading international banking and financial services businesses.
Established in 1865 in British Hong Kong, HSBC Holdings achieved a strong position in the European continent when it acquired full control of Midland Bank in 1992 and transferred its headquarters to the UK in 1993.
It currently works on a global scale, with a large network that encompasses over 60 countries and territories, servicing about 40 million subscribers globally.
HSBC UK provides commercial banking products and services, from current accounts, savings accounts, and Global Money accounts to loans, mortgages, insurance, and financial advising services for investments.
iv. Virgin Money
Virgin Money, under the umbrella of the Virgin Group, provides a unique and exciting approach to banking. The bank was formed in 1995 as Virgin Direct and relaunched as Virgin Money in 2000. Virgin Money’s emphasis on customer care, new products, and great branding has made it a popular option among UK citizens.
Virgin Money provides a comprehensive variety of financial products and services to people, corporations, and institutions. The bank’s retail banking section offers personal banking products such as current accounts, savings accounts, mortgages, personal loans, and credit cards. Virgin Money’s commercial banking section assists companies of all sizes with services such as financing, cash management, trade finance, and merchant services.
v. Barclays
Lastly, Barclays is another bank to consider since it is also one of the “Big Four.” The bank has been at the forefront of the UK banking sector since it began functioning in 1690.
As a worldwide bank, Barclays operates and has subsidiaries in 55 countries throughout the globe and over 1,500 branches in the United Kingdom. Barclays clients may now access various financial services at post offices throughout the nation.
Barclays provides a broad variety of financial and commercial banking services, from a typical current account to investment banking services.
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vi. NatWest Group
NatWest Group, originally known as Royal Bank of Scotland (RBS) Group, is one of the biggest financial companies in the UK. The firm was created in 2000 by the merging of the National Westminster Bank (NatWest) and the Royal Bank of Scotland. The group’s key brands are NatWest, Royal Bank of Scotland, and Ulster Bank, each servicing various geographies and consumer categories.
NatWest Group provides a comprehensive variety of financial services to consumers, corporations, and organizations. The group’s retail banking segment offers personal banking products such as current accounts, savings accounts, mortgages, personal loans, and credit cards. NatWest is notably noted for its significant emphasis on serving small and medium-sized firms (SMEs) with business banking products, including financing, cash management, and merchant services.
vii. Santander UK
Santander UK, a subsidiary of the Spanish banking behemoth Banco Santander, has swiftly become one of the main banks in the UK. Santander UK was founded in 2010 by the purchase and amalgamation of various UK banks, notably Abbey National, Alliance & Leicester, and Bradford & Bingley. The bank’s quick development and customer-focused attitude have made it a popular option among UK citizens.
Santander UK provides a broad spectrum of financial products and services to consumers, corporations, and institutions. The bank’s retail banking section offers personal banking products such as current accounts, savings accounts, mortgages, personal loans, and credit cards. Santander UK is notably recognized for its affordable mortgage rates and appealing savings solutions, which have made it a favorite among UK homeowners and savers.
viii. Standard Chartered
Standard Chartered, formed in 1969 via the merger of Standard Bank and Chartered Bank, has a particular concentration on growing markets in Asia, Africa, and the Middle East. The bank’s history stretches back to 1853 when Chartered Bank was created to assist commerce between India and China. Today, Standard Chartered operates in over 60 countries, providing a wide range of banking services to individuals, businesses, and institutions.
Standard Chartered provides a comprehensive variety of services, including retail banking, commercial banking, wealth management, and corporate and institutional banking. Personal banking products like current accounts, savings accounts, mortgages, personal loans, and credit cards are offered by the bank’s retail banking section. Standard Chartered’s commercial banking sector assists companies of all sizes with services such as financing, trade finance, cash management, and treasury solutions.
ix. Metro Bank
Metro Bank, formed in 2010, is a relative newcomer to the UK banking industry. Despite its young, Metro Bank has swiftly acquired a reputation for its customer-first approach and innovative financial services. The bank’s branches, known as “stores,” are meant to offer a comfortable and easy banking experience, with longer hours and pet-friendly regulations.
Metro Bank provides a comprehensive variety of financial products and services to individuals, corporations, and organizations. The bank’s retail banking section offers personal banking products such as current accounts, savings accounts, mortgages, personal loans, and credit cards. The commercial banking section of Metro Bank provides services including trade financing, merchant services, cash management, and loans to companies of various sizes.
x. TSB Bank
TSB Bank, first formed in 1810 as the “Trustee Savings Bank,” has a long history of servicing local communities in the UK. The bank functioned independently until it was bought by Lloyds Banking Group in 1995. In 2013, TSB was re-established as a distinct corporation and listed on the London Stock Exchange. TSB Bank’s dedication to local banking and community assistance has earned it a valued brand in the UK financial industry.
TSB Bank provides a comprehensive variety of financial products and services to people, corporations, and organizations. The bank’s retail banking section offers personal banking products such as current accounts, savings accounts, mortgages, personal loans, and credit cards. TSB’s commercial banking branch assists companies of all sizes with services such as financing, cash management, trade finance, and merchant services.
Conclusion
Your unique requirements and tastes will determine which UK bank is best for you- Top 10 Best Bank in UK. Each of the banks mentioned above provides distinct features and advantages, from great customer service and new products to ethical banking methods and reasonable rates. By examining what matters most to you, whether it’s digital banking, community participation, or global reach, you may select the bank that best meets your financial requirements.
