Asset-heavy, diversified and regulated banks like JPMorgan Chase, Wells Fargo, PNC Bank and U.S. Bank are among the safest banks in the U.S. and should be considered if you are weighing your options.
All banks and building societies authorised by the Prudential Regulation Authority are covered by the Financial Services Compensation Scheme (FSCS). It's an independent service that protects your money if your financial service provider goes bust.
Overall, in the UK, Barclays is the most famous bank, followed by Nationwide Building Society, HSBC and Santander.
The top five largest banks are HSBC Holdings, Lloyds Banking Group, Royal Bank of Scotland Group, Barclays, and Standard Chartered. This handful of banks has a monopoly on services to these enterprises. Let us now look at some of the history and current status of the top banks in the UK.
The best bank in Europe is KfW in Germany, which was voted number one in the list of the 50 safest banks in Europe 2023. KfW's rank as the most secure bank goes beyond Europe, too–being ranked number one for twelve years in a row for the World's Safest Banks by the US finance magazine Global Finance.
These Banks Are the Most VulnerableFirst Republic Bank (FRC) – Get Free Report. Above average liquidity risk and high capital risk.Huntington Bancshares (HBAN) – Get Free Report.KeyCorp (KEY) – Get Free Report.Comerica (CMA) – Get Free Report.Truist Financial (TFC) – Get Free Report.
Risk-weighted assets of United Kingdom's largest banks 2022
HSBC Holdings had the highest risk-weighted assets (RWA) of the five largest banks in the United Kingdom as of 2022, with more than 694 billion British pounds. HSBC was followed by Barclays and Standard Chartered.
National Savings and Investments (NS&I) are the range of savings accounts offered to savers by the government. They are one of the safest ways to save your money. If you do want to open an account with National Savings and Investments, think about how long you want to invest for.
The best 'linked' regular savings accounts
|Provider||Interest rate||When is interest paid|
|HSBC||5% fixed for 12 months||End of the 12-month term|
|NatWest and RBS||6.17% variable on balances up to £5,000 (then 1% on balances above £5,000)||Monthly|
|Santander||5% fixed for 12 months||At the end of the 12-month term|
HSBC. One of the 'big four' banks in the UK, HSBC has an extensive branch network throughout the whole country.Lloyds Bank. With roots dating back to 1765, Lloyds Bank is another of the UK's 'big four' banks.NatWest.Barclays.Royal Bank of Scotland.Nationwide.Halifax.Santander UK.
Each year the CMA (Competition and Markets Authority) commissions an independent report that asks a thousand customers of each of the major banks in the UK how they feel about various aspects of the service they are getting. The results put HSBC in 11th position.
Fitch affirmed the ratings of five building societies with Stable Outlooks in a peer review in November 2021. These were: Coventry Building Society, Leeds Building Society, Principality Building Society, Skipton Building Society and Yorkshire Building Society.
Switzerland is a notorious worldwide standard for financial safe-havens. Switzerland and banking are almost synonymous with anyone around the world. This highly developed, multilingual European country has become the global standard for financial stability throughout several generations.
Ranking of the largest banks in 2023
|Place in 2023 ranking||Bank||Exchange code|
|2||BNP Paribas SA||BNP-ENXTPA|
|3||Credit Agricole Group|
|4||Banco Santander SA||SAN-BME|
Over the course of a few weeks in the spring of 2023, multiple high-profile regional banks suddenly collapsed: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank. These banks weren't limited to one geographic area, and there wasn't one single reason behind their failures.
The most prominent were Bradford & Bingley, which failed on 27 September 2008, and Icesave, which failed on 8 October 2008. The Financial Services Compensation Scheme (FSCS) played a pivotal role in protecting the customers of those banks.
But there is no reason to expect any further direct impact on UK banks, from either Credit Suisse's demise, or the collapse of the smaller US lenders. "The UK banking system remains safe, sound and well capitalised," a UK spokesperson for the Treasury said in a statement following the First Republic failure on 1 May.
Where to invest £20,000A Stocks and Shares ISA. Money invested in an ISA is sheltered from tax while it grows and there will be no tax to pay when you withdraw money either.A Self Invested Personal Pension. Investing in a pension means your money is sheltered from tax while it grows.A Trading Account.
Existing-customer regular savers – what we'd go for
|Provider||Rate (AER)||How to open|
|Nationwide||5.25% variable for two years||Online (also open to non-customers)|
|Barclays||5.12% variable on up to £5,000||Online/ app/ branch/ phone|
|TSB||5% fixed for one year||Online/ branch|
|HSBC||5% fixed for one year||Online/ branch/ phone|
Opening an Digital Account Online (+ 4 Best)Wise – Best Multi-Currency Account (for frequent travellers and digital nomads)Revolut – Overall best online UK account for new Arrivals (no UK address proof to sign up)Monzo – Best Online Current Account in the UK.Starling – Most cost effective online bank in the UK.
What is the best regular saving account
|Provider||Account name||Interest rate (AER)|
|First Direct||Regular Saver Account||7.00%|
|Lloyds Bank||Club Lloyds Monthly Saver||6.25%|
|NatWest||Digital Regular Saver||6.17%|
|Nottingham Building Society||Online Fixed Regular Saver||6.00%|
Best UK bank accounts for British expats in EuropeWise Personal Account.Revolut Standard Account.Starling Personal Current Account.N26 Standard Current Account.Monese Instant Account.
Top-paying bank switching offersNatWest. Switching offer: NatWest is offering a £200 bonus when you switch to any of its current accounts from a non-NatWest account.First Direct 1st Account. Switching offer: First Direct are offering a switching bonus for new customers of £175.Lloyds Bank.Santander Edge.Chase.
Yes, HSBC Bank is FDIC insured (FDIC# 57890).
HSBC: Online 80%, App 82%
Unlike its subsidiary, First Direct, HSBC has ditched weak security questions for recovering login data, and you no longer need a password to log in to the website. Instead, you have a username and an OTP generated via the Secure Key device on the HSBC app.