What are the main banks in the UK?

The UK’s largest retail banks — often called the Big Four — are Barclays, HSBC, Lloyds Banking Group, and NatWest Group. Together with Santander UK and Nationwide Building Society, these institutions hold the majority of UK personal current accounts. The UK also has a large and growing digital bank sector, including Monzo, Starling, and Revolut (now a licensed bank), plus a range of specialist and regional banks.

What are the UK’s major banking groups and which brands do they own?

Lloyds Banking Group owns Lloyds Bank, Halifax, and Bank of Scotland. NatWest Group owns NatWest, Royal Bank of Scotland, and Ulster Bank. Barclays includes Barclays Personal Banking and Barclays Investment Bank. HSBC UK includes First Direct and M&S Bank (until its closure). Santander UK is a standalone subsidiary of Banco Santander. Nationwide is the UK’s largest building society and is mutually owned.

Which UK banks are covered by the open banking mandate?

The nine banks mandated by the CMA to implement open banking are: Barclays, HSBC, Lloyds Banking Group (Lloyds, Halifax, Bank of Scotland), NatWest Group, Santander UK, Nationwide Building Society, Danske Bank UK, AIB Group UK (including First Trust Bank), and Bank of Ireland UK. These institutions are required to provide open banking API access to all FCA-authorised third parties on request.

Open Banking in Practice: The UK banking sector is regulated by the FCA (conduct) and PRA (financial safety), with the Bank of England as lender of last resort. Open Banking Ltd (transitioning to a new Future Entity) maintains the technical standards for the nine mandated banks. Challenger banks and building societies outside the nine may voluntarily implement open banking. Read our full guide to the UK banking sector on openfuture.world.

FAQ

What are the Big 5 banks in the UK?

Often cited as the Big Four (Barclays, HSBC, Lloyds, NatWest) plus Santander; Nationwide is sometimes included given its size in mortgages and savings.

How many banks are there in the UK?

There are over 300 authorised banks and building societies in the UK, ranging from major high-street banks to small specialist lenders and digital challengers.

Which UK bank is considered the safest?

All UK banks regulated by the PRA with FSCS protection are considered safe up to £85,000; systemic importance (size) provides additional implicit government support for the largest institutions.