A Comprehensive Guide to the Biggest British Banks

The UK banking scene is dominated by a handful of big players. Barclays is one of the oldest, having been founded in 1690.

Lloyds Banking Group is another major player, with a history dating back to 1765. It's a result of the merger between Lloyds TSB and HBOS.

HSBC is a global banking giant, but it's also a major player in the UK market, with a presence dating back to 1992.

The Big Four banks in the UK are a dominant force in the retail and commercial banking market. They're the result of a series of mergers and acquisitions that have left the market highly consolidated.

HSBC Holdings is the largest of the Big Four, with total assets of £2,387.03 billion as of December 31, 2023. Barclays comes in second with £1,477.50 billion in assets.

Lloyds Banking Group and NatWest Group round out the Big Four, with total assets of £881.50 billion and £692.70 billion, respectively.

The Big Four banks in the UK are a force to be reckoned with, and it's no surprise that they have a massive customer base.

Barclays is the most popular bank in the UK, with a whopping 48 million customers. This is a staggering number that speaks to the bank's reputation and trustworthiness.

HSBC comes in second with 39 million customers, a significant number that shows the bank's widespread presence in the UK.

Here's a breakdown of the Big Four banks and their customer numbers:

Lloyds has 26 million customers, a significant number that shows the bank's popularity among the UK population.

The Big Four banks in the UK are a dominant force in the banking industry, and their size is staggering. HSBC Holdings has a total of £2,387.03 billion in assets, making it the largest of the Big Four.

HSBC Holdings is headquartered in London, England, and its massive size allows it to operate globally. Barclays, another member of the Big Four, has £1,477.50 billion in assets, also based in London.

The Big Four banks have undergone significant consolidation over the years, resulting in their current market dominance. Lloyds Banking Group has £881.50 billion in assets, while NatWest Group has £692.70 billion in assets.

Here's a list of the Big Four banks in the UK, ranked by their total assets:

HSBC is another major player in the British banking scene, with a long history dating back to 1865. It's the largest bank in Europe and one of the largest in the world.

HSBC's roots are in Hong Kong, but it has a significant presence in the UK, with a large network of branches and ATMs.

HSBC offers a wide range of financial services, including personal and business banking, credit cards, and investment products.

Barclays is a well-known British bank with a strong presence in the country. It was founded in 1690 and has a long history of innovation.

Barclays has a significant presence in the UK, with a large network of branches and ATMs.

As you're considering which bank to choose for your financial needs in the UK, it's essential to know the biggest British banks. Let's take a look at the top 10 banks in the UK, ranked by their assets, services, history, and other factors.

HSBC Holdings is one of the oldest banks in the UK, founded in 1865 in London, England. Barclays, another top bank, has its roots dating back to 1690.

Here are the top 10 UK banks, listed in no particular order:

These banks have a long history in the UK, with some dating back to the 17th century.

If you're looking to bank with one of the biggest British banks, you'll want to know how they compare. Barclays is one of the largest banks in the UK, with a long history dating back to 1690.

HSBC and Barclays are two of the most well-known banks in the UK, with a combined presence in over 80 countries. Barclays has a larger market share in the UK, with over 15 million customers.

Barclays and HSBC both offer a wide range of services, including current accounts, savings accounts, and loans. However, Barclays has a more extensive network of branches and ATMs throughout the UK.

Choosing the best current account in the UK can be a daunting task, but it's essential to find one that suits your needs. With so many banks offering various features, it's crucial to consider your priorities.

Starling Bank is a great option for those who want a hassle-free experience, with no monthly fees and no overseas fees. You can even sign up digitally and access customer support 24/7.

Some current accounts also offer interest on your balance, such as Starling Bank's 3.24% AER. However, not all accounts are created equal, and some may come with drawbacks like limited ATM withdrawal limits or no group savings feature.

Here are some of the top current accounts in the UK, categorized by their strengths:

Ultimately, the best current account for you will depend on your individual needs and preferences. Consider your spending habits, financial goals, and the features that matter most to you.

For online banking, it's essential to choose a bank that's safe and secure. The best UK banks for online banking are ranked based on their safety features.

Some of the top online banks in the UK include those that have robust security measures in place, such as encryption and two-factor authentication. These features help protect your personal and financial information from hackers and cyber threats.

The best UK banks for online banking have been ranked, and they're safer than others due to their advanced security features. These banks have been vetted to ensure they meet the highest standards of online security.

To give you peace of mind, these top online banks in the UK have been recognized for their safety and security. They're the go-to choice for those who want to manage their finances online with confidence.

Total assets are a key metric to understand a bank's size and financial health. HSBC had the largest amount of assets in 2023 with £2.38 trillion.

HSBC's assets decreased by 2% from 2022, when it had £2.45 trillion. Barclays also experienced a 2% decrease in assets, going from £1.51 trillion in 2022 to £1.48 trillion in 2023.

Lloyds had a stable year, with its assets remaining the same at £0.88 trillion in 2023. Natwest's assets decreased by 5.5% from £0.72 trillion in 2022 to £0.69 trillion in 2023.

Standard Chartered had the largest percentage decrease in assets, dropping 5.9% from £0.68 trillion in 2022 to £0.64 trillion in 2023.

HSBC holds the largest market share in the UK, with a staggering £132.6 billion in December 2024.

This is more than three times larger than Barclays, the second largest UK bank by market share, which has a market cap of £38.3 billion.

Lloyds is in third place with a market cap of £32.39 billion, closely followed by Natwest with £32.36 billion.

The top five banks in the UK by market share are dominated by these four banks, with Standard Chartered Bank coming in fifth place with a market cap of £23.9 billion.

Here's a quick rundown of the top five banks in the UK by market share:

Lloyds Bank is one of the top banks in the UK, with a presence in four regions: North America, Europe, the Middle East, and Asia. It has a significant presence in the UK through its various subsidiaries, including Bank of Montreal in London and Lloyds European Bank.

Nationwide Building Society is the largest building society in the UK and worldwide, employing approximately 18,000 people and serving over 16 million members. Its profit after tax for the year ended in April 2024 was £1.3 billion, with net interest income of £4.5 billion.

NatWest/RBS and Starling Bank stand out for their exceptional security practices, receiving a total of 87% in all four categories and five stars for best practices in security, account management, and navigation.

Santander UK is the UK subsidiary of Santander, the largest bank in Spain and the fourth largest in Europe.

Santander UK aims to provide services to individuals, SMEs, corporates, financial institutions, and governments in a simple, personal, and fair way.

The bank has made commitments to support its objective of being a more responsible organisation, including raising €220bn in green financing between 2019 and 2030.

Santander UK has a significant presence in the UK, with over 165 million customers, 8,500 branches, and over 212,000 employees.

Santander and TSB scored relatively low in terms of online security and account management, with Santander scoring 67% and TSB scoring the same, but receiving two stars for online account management.

In 2010, Santander UK acquired parts of Royal Bank of Scotland's business in England and Wales and NatWest's Scottish branch, making it one of the major UK banks.

Natwest/RBS is a major player in the UK banking scene. Founded in 1727, it has a rich history and a significant presence in Scotland.

The bank operates under the NatWest Group umbrella, supporting Scotland's economic development through a range of personal and business banking services. With over 960 branches and 3,400 ATMs across Britain, NatWest serves a large customer base of 7.5 million personal customers and 850,000 small businesses.

Despite its size, NatWest is heavily invested in digital innovation, continually improving the user experience of its mobile app and leveraging open banking APIs. This focus on digital transformation has earned the bank recognition, with a score of 71% in online banking and 5 stars for security best practices.

NatWest aims to provide £100bn in climate and sustainable financing by 2025, supporting customers' transition to net zero emissions and renewable energy solutions. This commitment to sustainability is a significant step forward for the bank and its customers.

In a recent review, NatWest/RBS and Starling Bank received a total of 87% in all four categories, demonstrating the bank's commitment to security and customer satisfaction.

Barclays is the second largest bank in the UK, just after HSBC, and also the oldest bank in the UK, founded in 1690.

It was headquartered in London, and as a result, it has an irreplaceable place in the history of British banking.

Barclays was the first bank in the world to have an ATM, and it issued the first credit card in the UK in 1966, and the first debit card in the UK in 1987.

The bank operates through two main divisions - Barclays UK and Barclays International, supported by a service company called Barclays Execution Services.

Due to its significant size and importance, Barclays is designated as a systemically important bank by the Financial Stability Board.

Barclays scored 78% for safe online banking, but it still allows customers to access their accounts through multiple browsers, IP addresses, and devices.

However, Barclays ranks second best for mobile banking app security, receiving a total of 74%.

Lloyds Bank is one of the best UK banks, with a significant presence in four regions: North America, Europe, the Middle East, and Asia. It controls several banks, including Bank of Montreal in London and Lloyds European Bank.

The bank has undergone a series of mergers and acquisitions, making it one of Britain's four largest private banks, known as the Big Four. Lloyds has a vast network of branches, but it's also seen some significant closures in recent years.

In 2025, Lloyds Bank Group, which includes Lloyds, Halifax, and Bank of Scotland, plans to shut a whopping 300 branches. This is largely due to the rise of digital banking, which has led to a decline in high-street bank visits.

Lloyds scored 69% for its safe online banking practices, but it received only three stars for account management. However, the bank did implement strict measures for navigation and logging out, making it a relatively secure online banking experience.

Interestingly, Lloyds is the only bank that doesn't log out users after five minutes of inactivity, despite it being a regulatory requirement. This is to accommodate vulnerable customers and businesses that may need more time to complete transactions.

For mobile banking, Lloyds enforces stricter security measures, requiring customers to use a trusted device with secondary authentication. Users can also choose between one to five minutes of inactivity before being logged out.

Nationwide Building Society is the largest retail bank in the UK, serving over 16 million customers. It's a massive institution that's been formed by merging around 250 building societies.

Nationwide is the largest building society in the world, and it's also the only financial institute in the UK that can honour its own cheques and offer a free global transaction service. This is a unique feature that sets it apart from other financial institutions.

The company has its headquarters in Swindon, England, and it employs approximately 18,000 people. It serves over 16 million members, making it a significant player in the UK's financial landscape.

Here are the 5 largest building societies in the UK, along with their headquarters and total assets:

Nationwide offers a wide range of financial services, including cash ISAs, stocks and shares ISAs, bonds, current accounts, mortgages, personal loans, credit cards, and retirement and investment services.

Metro Bank is a retail and commercial bank operating in Britain. It was granted a licence by the Financial Services Authority on 5 March 2010. This marked the first time a high street bank had been granted such a licence in over 150 years.

HSBC is a high street giant that received a score of 80% and five stars for safe access to accounts, recovering usernames and passwords, navigation, and logging out. Their safe access to accounts is particularly noteworthy, making it easy for customers to manage their finances securely.

HSBC's score of 80% is a testament to their commitment to providing a seamless and secure banking experience. This is reflected in their five-star rating, indicating that they excel in key areas such as recovering usernames and passwords.

Virgin Money offers a wide range of products and services, including cash ISAs, stocks and shares ISAs, fixed term accounts, and international money transfers.

Their stock is traded on the London Stock Exchange and Australian Securities Exchange (ASX).

Virgin Money has made significant improvements to its mobile banking app, resulting in a 67% rating and five stars for login procedures.

Unfortunately, the app was initially rated poorly for customer safety, scoring 54% and just two stars for encryption.

The Co-operative Bank's online security measures are a concern. It failed to ask for two-factor authentication on a test laptop, scoring poorly in security measures.

This lack of security led to a significant gap between the Co-operative Bank and the second-last position, with a score of only 61%.

Its mobile app also failed several security checks, including letting customers set up weak passwords. This is a major issue, as weak passwords can be easily compromised by hackers.

The Co-operative Bank's mobile app also allowed customers to log in through different IP addresses at the same time. This is a security risk, as it makes it easier for hackers to access accounts.

Phone numbers are visible in alerts, and security codes are sent on SMS, making it easier for hackers to target customers. This is a clear security flaw that needs to be addressed.