Happy customers are free advertisements in any business. The Top 7 Banks in the UK are in a fierce competition to win customers over to their side. These banks have various strategies they use to convince consumers of their products. To do this, they will reduce interest rates, send complimentary messages, give financial advice, etc so that they can rank top. The top banks in the UK all share a common goal; to serve customers better. These banks have been judged by their customer service delivery, app rating, account access, bonus features, etc.

In this article, we will be looking at the top 7 banks in the UK and their location, worth and customer base, interest rates, and total assets.

Top 7 Banks In UK | What you need to know

These banks are considered to have topped the list of banks in the Uk. The locations listed here are where the banks are headquartered.

1. Starling Bank -Duval Square, London
2. Nationwide – Pipers Way, Swindon
3. Revolut – Canary Wharf, London
4. Lloyds bank – Gresham St, London
5. Monzo – Appold St, London
6. Santander – State Street Boston.
7. NatWest – Edinburgh, London.

See Also:

1.  7 Banks in the USA | Keep Your Money Safe
2. GT Bank Login Errors | How To Resolve Them
3. When I Lost My ATM Card I Did The Unthinkable

Networth of the Top 7 Banks In Uk

1. Starling Bank: This is a digital bank with a customer base of 3.6 Million providing Current and Business accounts.  April 2022, the bank was worth 2.5 Billion euros. In current times, the figure seems to have dropped to 1.5 Billion euros.
2. Nationwide Bank: Being the seventh largest cooperative financial institution and the second largest provider of household savings and mortgages in the UK, this company is worth 1.38 Billion dollars.
3. Revolut Bank: This company is one of Europe’s top unicorns. Winning the hearts of over 10 Million customers, the company is worth 3.3 Billion dollars. However, it was estimated by Forbes in January 2023 to be 13.8 Billion dollars right after their private market took a hit.
4. Lloyds Bank: This bank is one of the UK’s largest financial services organizations, which operates in two major continents; Europe and US. It has 30 million customers and 65,000 staff. As of 22nd January 2024, Lloyds bank is said to be worth 34.8 Billion dollars.
5. Monzo Bank: Having broken the record for being the world’s fastest crowdfunding raise in 2016, the company was valued at 4.5 Billion dollars in 2021. However, there has been no recent record of their current net worth.
6. Santander Bank: The Santander Bank has over 600 retail offices and 2,000 ATMs. With a great performance over the last 10 years, the Santander company is said to be worth 62.47 Billion dollars.
7. NatWest Bank: As of 10th January 2024, this company was estimated to be 24.39 Billion dollars.

Interest Rates Of The Top Banks In UK

1. Starling Bank: This bank makes use of a One-year fixed saver. However, the interest stays the same for one year without increasing or reducing.  Their Gross/Annual Equivalent Rate (AER) is 4.48%.g which is calculated every day and paid at the end of the term.
2. Nationwide bank: The company has three types of Current accounts which include; Loyalty, Limited Access and Instant Access. The interest rate ranges from 1.00 – 3.00% following their recent increase.
3. Revolut Bank; Revolut Bank has 4 savings accounts. They include; Metal. Premium, plus and Standard accounts. Having increased their interest rates to enable customers to save in Euros, the new interest rates are as below;

    Metal: Interest will rise from 1.95% to 2.25%

  Premium: Interest will rise from 1.65% to 1.9%

Plus: Interest will rise from 0.95% to 1.12%

Standard: Interest will rise from 0.87% to 1.05%

            4. Lloyds Bank: As reviewed on 18th January 2024, the interest rates of Lloyds vary depending on the currency. Below are the Currency and interest rates.

Currency                                                 Rates

GBP                                                          5.415%

USD                                                          5.415%

AUD                                                         4.115%

EUR                                                         3.690%

CAD                                                        4.865%

JPY                                                          0.000%

           5. Monzo Bank: There are four savings accounts in Monzo Bank. The following contains the accounts and their interest rates.

Instant Access (4.60% AER)

 Easy Access (4.58% AER)

Easy Access ISA (3.85% AER) and

Fixed (4.60% AER).

 6. Santander Bank: This bank has 5 Savings accounts. They include; Easy Access, Business, Fixed-rate bonds, Cash ISAs and the regular savings account. Their interest rates vary from 3.6% to 7%.

7. NatWest Bank: The NatWest bank has 5 savings accounts a customer could pick from. These accounts include; Savings Builder, Premium Builder, Instant Saver, First Saver and Card Plus. However, the interest rate varies from 2.10% to 5% depending on the type of account you choose to open.

People are currently reading:

1. Apply For Walmart Credit Card Online and In-store | Get Instant Approval
2. Latest Ways to Manage Capital One Walmart Credit Card Account
3. New Ways to Create a Walmart Credit Card Account and Earn Rewards
4. The Value of Pi Cryptocurrency | Pi Price Today
5. Sell Your Pi Coin to Biggest Pi Buyers in Nigeria
6. Zenith Bank Login | Best Ways To Secure Your Account

Total Assets of The Top 7 Banks In UK

These are the total value of the Top Banks in the UK

1. Starling Bank: Due to its customer base and popularity, the value of the company’s assets is valued at 1.2 billion Euros.
2. Nationwide Bank: As of 2022, this company was valued at 272.35 GBP. Contrarily, they had a decline the following year.
3. Revolut Bank: As of 2022, the total assets of Revolut Bank were 8,768.48 Million Euros. The assets, however, amounted to 8.5 billion GBP in the previous year.
4. Lloyds Bank: The total assets for Lloyds Bank as of 2022 were 1085.787 Billion dollars, which is a 10.93% decline from the previous year.
5.  Monzo Bank: Towards the end of February 2023, Monzo had a total asset of 6.69 Billion GBP.
6. Santander Bank: Based on the company’s latest financial reports, Santander’s total assets are 1.919 Trillion dollars.
7. NatWest Bank: As of 30th September 2023, the total assets for NatWest were 907.829 Billion dollars. Surprisingly, this is a 15.41% decline year-over-year.

Frequently Asked Questions

What Are The Biggest Banks In Uk?

Below are the 5 biggest banks based on Assets and Market Capitation;

• HSBC Holdings plc
• Lloyds Banking Group
• Royal Bank of Scotland Group
• Barclays plc
• Standard Chartered plc

How To Open A Bank Account In UK

Before opening an account in the Uk, you must gather some documents that would be used for identification whether it is an online or physical account.

Generally, you will need the following documents;

• a recent bank or credit card statement(The original copy)
• a current council tax bill
• a letter from the HM Revenue & Customs
•  tenancy agreement
• a recent electricity or gas bill.

Although, some banks may not ask you to provide everything listed above. To be on the safer side, it is important to have them ready.

To open an account, follow these easy steps:

Having read this article, decide what bank best fits you.

After making your choice,

1. Download the provider app.
2. Complete your personal information following the online prompts.
3. Upload a copy of your identity and address documents.  you may be asked to upload a selfie, or video or complete a video call with the bank to confirm your identity.
4. The bank may want to run a credit check to complete your verification.
5. Once your account gets approved, you’ll receive your card and other account information in the mail.