Best High Street Banks
Best High Street Banks
Don’t make the mistake of entrusting the wrong bank with your money. A negative choice can be expensive, and you could stand to lose your hard-earned cash.
Don’t fall into that trap.
The UK has the 4th largest banking industry in the world. With over 350 banks, it’s no surprise you don’t know which to choose.
Fortunately, we’re here to help.
In this article, you’ll discover:
- Who are the “Big 4” banks in the UK?
- Which banks provide the best service quality?
- Which are the best banks for customer satisfaction?
Our qualified team of researchers uncovers the most up-to-date and accurate information in the financial world.
We aim to provide you with the confidence and knowledge to make the best financial decisions for your future.
Find out more!
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Who Are the “Big 4” High Street Banks in the UK?
The “Big 4” banks in the UK are Barclays, HSBC, Lloyds Banking Group, and Natwest Group.
The term “Big 41“ is used across the global banking industry to identify the top banks in each country based on varying factors.
Let’s look into the UK’s “Big 4”.
Barclays
With more than 48 million customers in over 50 countries, it’s easy to see why Barclays is one of the “Big 4” high street banks in the UK.
Started by Quakers2 and based in London, this multinational bank offers a broad range of operations.
These include:
- Investment banking
- Retail and wholesale banking
- Wealth management
- Credit cards
- Mortgage lending
HSBC
HSBC is the largest bank in Europe and the UK and the 6th largest globally.
With headquarters in London, it’s also a multinational banking and financial service provider.
Holding 12% of the market share, HSBC continues to provide the best customer service out of the Top 4 banks.
Their telephone banking sector, First Direct, has won several awards for their products and excellent customer service.
Lloyds Banking Group
Lloyds Bank opened in Birmingham over 250 years ago.
Bank of Scotland, Lloyds Bank, Halifax, and Scottish Widows now all fall under the Lloyds Banking Group umbrella.
Being the first bank to offer student and graduate accounts, Lloyds has earned the reputation of a customer-friendly bank.
It retains the loyalty of thousands of previous students who are now deep in their careers.
NatWest Group
The NatWest Group was known as The Royal Bank of Scotland Group until February 2020.
With branches across the UK, the Natwest Group includes the Royal Bank of Scotland, Natwest Bank, and Ulster Bank.
The corporate structure of the Natwest group comprises 4 main franchises.
These are
- Retail Banking
- Commercial Banking
- Private Banking
- NatWest Markets
Best High Street Bank in the UK by Service Quality in 2022.
The best high street banks in the UK based on overall service quality include Metro Bank, Nationwide, and Lloyds Bank.
An independent survey conducted by Ipsos3 considered the quality of the personal service offered by the banks in Britain – both in-person and online.
Here are the top 5 banks in each category.
Service Quality
| Position | Bank | Score |
| 1 | Metro Bank | 75% |
| 2 | Nationwide | 68% |
| 3 | Lloyds Bank | 65% |
| 4 | Barclays | 63% |
| 5 | Bank of Scotland | 62% |
Mobile Banking & Online Services
| Position | Bank | Score |
| 1 | Monzo | 90% |
| 2 | Starling Bank | 84% |
| 3 | First Direct | 81% |
| 4 | Halifax | 78% |
| 5 | Lloyds Bank | 75% |
Overdraft Services
| Position | Bank | Score |
| 1 | First Direct | 69% |
| 2 | Metro Bank | 67% |
| 3 | Monzo | 64% |
| 4 | Starling Bank | 61% |
| 5 | Lloyds Bank | 60% |
Service in Branches
| Position | Bank | Score |
| 1 | Metro Bank | 80% |
| 2 | Nationwide | 77% |
| 3 | Lloyds Bank | 75% |
| 4 | Halifax | 73% |
| 5 | Bank of Scotland | 67% |
The 10 Best Banks for Customer Satisfaction
The 10 best banks based on customer service include Halifax, Starling’s and Natwest.
A survey4 of over 2,000 current account customers in the UK determined how satisfied they were with their banks and, in particular, with their accounts.
Based on the results, these are the top 10 banks in the UK.
Position 1: Halifax
Customer Satisfaction Score: 90%
Halifax offers a range of accounts, from basic current accounts to reward accounts.
Customers that took part in the survey praised the banking app and the quality of customer service.
Position 2 – Starling’s
Customer Satisfaction Score: 87%
Starling’s app functionality and features received much praise. Customers found the digital current account easy to use and manage.
Position 3 – NatWest
Customer Satisfaction Score: 86%
The 2 main areas that received the most praise for NatWest were the customer service, and the mobile and online banking.
Position 4: Lloyds Bank
Customer Satisfaction Score: 84%
Offering a wide range of current accounts and an expansive branch network, Lloyds bank comes in 4th.
Position 5: Monzo
Customer Satisfaction Score: 84%
Digital contender Monzo offers app-based current accounts with impressive money management and savings features.
Position 6: Nationwide
Customer Satisfaction Score: 83%
Nationwide offers a wide range of current accounts with great perks and incentives.
Position 7: Santander
Customer Satisfaction Score: 83%
Offering a range of current accounts, Santander’s key selling point is the ability to earn cash back on bills.
Position 8: Monese
Customer Satisfaction Score: 82%
Monese offers an efficient digital-only account suited to people who work or travel through different countries.
Free ATM withdrawals and overseas purchases are attractive features.
Position 9: Barclays
Customer Satisfaction Score: 81%
An efficient banking app and helpful customer service earned Barclays 9th place.
Position 10: Revolut
Customer Satisfaction Score: 79%
The multi-currency account offered by Revolut allows you to exchange and keep up to 30 different currencies for free.
Great for travelers or those wanting to send money abroad.
Common Questions
Which UK High Street Bank Is the Best?
Which Is the Best High Street Bank for Small Business?
Which is the Best High Street Bank Savings Account?
Conclusion
You’ve seen our lists of the best high street banks, but now you need to sit down and think about what you need in a bank.
Some high street banks have been around for years and have earned their reputation as solid, trustworthy banks purely because they are a household name.
That doesn’t necessarily mean they’re right for you.
Compare the banks you’re considering, compare the accounts they offer, and look at online reviews of their overall service. You’ll then be well on your way to finding the best fit for you.
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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.