When it comes to finding the right bank for your savings in the UK, it’s important to consider various factors such as interest rates, account features, customer service, and overall financial stability. In this article, we will explore the top 13 banks in the UK for savings in 2024. These banks have proven track records, competitive interest rates, and a range of savings account options to suit different needs.
Content Recap:
Four banks (HSBC, Barclays, Lloyds, and NatWest Group) dominate the sector yet there are approximately 350 banks in the United Kingdom, inclusive of 160 foreign deposit banking institutions. These are the Top 13 Banks in the UK 2024, representing the country’s banking sector, making it the fourth largest in the whole of Europe.
They also have 47 building societies that are allowed to accept deposits. The United Kingdom also boasts the second oldest central bank in the world (the Bank of England). It was established on July 27 of 1694. It is impossible discussing money, finance, and banking without mentioning be top 13 banks in the UK for savings. Below is a list of the best banks in the UK for savings in terms of total assets.
1. HSBC
HSBC is one of the largest banks in the UK and offers a wide range of savings accounts with competitive interest rates. They provide online and mobile banking services, making it convenient to manage your savings. HSBC also has a strong financial stability rating, providing peace of mind for savers.
This is the largest and best bank in the country as far as assets and market capitalization are concerned. HSBC operates about 3,600 branches and offices worldwide. Additionally, it employs more than 226 000 people and has over 40 million clients. Key business areas for these top 13 banks in the UK in 2024 are: commercial and private banking, retail banking, wealth management, global banking, and market. As of December 2020, HSBC was worth about USD 3 trillion in total assets.
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2. Barclays
Barclays is a renowned bank in the UK known for its extensive range of savings accounts. They offer various options, including fixed-rate bonds, easy-access accounts, and cash ISAs. Barclays is also known for its user-friendly online and mobile banking platforms, making it easy to track and manage your savings.
It is arguably even more popular than HSBC, though it sits in the position of second-best in the UK. It handles corporate banking, wealth management, foreign exchange, insurance, savings, and current accounts. Barclays also engages in mortgages, credit and debit cards, money transfers, online banking, and other services. Barclays offers all through one of the largest branch and ATM networks in the country. The company’s Headquarters is in London and it employs over 84 000 people. In 2020 they made a revenue of USD30 billion and a net income of USD3.3 million.
3. Lloyds Banking Group
In the third position is a banking group whose main line of business is retail and commercial banking, life and non-life insurance, pension, and investment services.
The company has subsidiaries namely; Lloyds Bank, Bank of Scotland, Scottish Widows, Lloyds Development Capital, Agricultural Mortgage Corporation, Black Horse Ltd, and Lex Autolease among others. The company was established in 1765 and is listed on the London and New York stock exchange.
Lloyds Bank is another top choice for savers in the UK. They provide a range of savings accounts, including easy-access accounts, fixed-term savings, and cash ISAs. Lloyds Bank offers competitive interest rates and provides additional benefits for loyal customers.
4. NatWest Group
NatWest is a trusted bank in the UK with a strong presence in the savings market. They offer a range of savings accounts, including instant access, regular savings, and cash ISA options. NatWest’s user-friendly online and mobile banking platforms make it convenient for customers to manage their savings.
NatWest Group was formerly RBS Group and has its headquarters in Edinburgh. This banking and financial services provider has about 60 000 employees and 19 million customers. The company’s subsidiaries are well-known brands including NatWest, Royal Bank of Scotland, Uster Bank, Coutts, Adam and Company, Child and Co, Drummonds, Isle of Man Bank, Lombard, and Holt’s Military Banking. For the year ended December 31 of 2020, the group recorded £10.8 billion in revenue and £44 billion in total equity.
5. Standard Chartered
Standard Chartered plc is a global financial services organization that operates in over 60 markets and has more than 1 000 branches. Its banking services include wholesale and consumer including deposits, personal and business loans, wealth management, auto finance, mergers and acquisition advisory, online banking, international money transfer, and more. Standard Chartered was named “Best Consumer Digital Bank” by Global Finance.
6. Santander UK
This is the largest foreign bank and third-largest mortgage lender in the UK. Santander UK plc is also the fifth-largest commercial lender in the country and offers savings and investment accounts. It has mortgage loans, car loans, business lending, and insurance. Santander also issues a range of credit cards including general credit cards, zero credit cards, and the Santander World Elite Mastercard.
7. Nationwide Building Society
Nationwide Building Society is a popular choice for savers seeking competitive interest rates and a wide range of savings account options. They offer easy-access accounts, regular saver accounts, and cash ISAs. Nationwide Building Society is known for its strong customer service and member-focused approach.
This one is the largest building society in the country and it is based in Swindon, Sout West England. As a result, the Swindon Building Society is the largest in the world. Nationwide employs approximately 18,500 people and stretches its service to over 16 million members. Swindon offers savings and current accounts, mortgages, personal loans, credit cards, retirement, and investment services. For the year ended in April 2020, the company reported a profit after tax of £365 million.
8. TSB Bank
TSB Bank offers a range of savings accounts designed to meet different needs. They provide options such as easy-access accounts, fixed-term bonds, and cash ISAs. TSB Bank also offers attractive interest rates and convenient online and mobile banking services.
9. Virgin Money
Virgin Money plc is the eighth largest bank in the UK by assets and offers an array of products and services. Therefore, they provide cash ISAs, stocks, and shares ISAs, fixed terms accounts, unit trusts, life and travel insurance, auto insurance, pension, and retirement products, international money transfers, commission-free currency, travel credit cards, all-round and purchase credit cards, prepaid cards, online and telephone banking to mention a few. The company trades on the London Stock Exchange and the Australian Securities Exchange (SAX).
10. Clydesdale Bank
Clydesdale Bank is a trusted bank in the UK that offers a variety of savings account options. They provide easy-access accounts, fixed-rate bonds, and cash ISAs. Clydesdale Bank is known for its competitive interest rates and reliable customer service.
11. Investec
Investec is a specialist bank and investment manager which offers private, corporate, and investment banking. And, it engages in wealth and asset management, advisory services, securities trading, for instance. This bank trades on the Johannesburg and London stock exchanges. It also has a market capitalization of USD 3.1 billion as of March 31 of 2021.
12. The Co-operative Bank
This bank is British and based in Manchester. It is a retail and commercial bank that offers current and savings accounts, consumer and mortgage loans. In addition, it deals in credit cards, insurance, prepaid funeral plans, financial planning, investments, project finance, treasury services, and mobile and online banking. Most of these top 13 banks in the UK in 2024 are covered by Financial Services Compensation Scheme (FSCS). This scheme pays compensation if financial services firms fail.
13. Metro Bank
Metro Bank is a relatively new player in the UK banking scene but has quickly gained popularity among savers. They offer easy-access accounts, fixed-term savings, and cash ISAs. Metro Bank is known for its customer-centric approach, providing a seamless banking experience.
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Takeaway
When choosing a bank for your savings, it’s important to consider your individual needs and preferences. The top 13 banks mentioned in this article offer competitive interest rates, a variety of savings account options, and reliable customer service. Take the time to compare their offerings and choose the bank that aligns with your financial goals and priorities. Remember, it’s always a good idea to regularly review your savings strategy to ensure you’re making the most of your hard-earned money.
