Best Online Banks in the UK in 2023

Picking sides with a reliable banking establishment is about the safety of people’s assets and their risk-free financial health. That is why most British residents are searching for trustworthy banks to open their accounts and be sure of the security of their funds.

Many factors make this or that banking establishment top-rated and credible. Consider them all while selecting the best-matching one for your savings and sending money and then check the list of best banks in the UK for 2023.

How to Identify Top Banks in the UK: Main Aspects to Consider

First of all, it is necessary to understand the type of bank you would like to find for money transfers, depositing, and other financial operations. There are traditional banking establishments usually presented as brick-and-mortar local offices including ATMs with a wide list of various services for customers.

A solid competitor of the above-mentioned financial structure is online banks. They have no physical establishments locally that can extremely please customers with lower fees. Additionally, all the online banking (UK) services are easily accessible there via mobile-friendly and desktop digital platforms.

One more financial structure that can be considered as an alternative to online banks UK and traditional banking establishments is credit unions. They are about not-for-profit cooperatives with delicious interest rates and customers’ revenue goals met.

Decide which banking service provider meets your requirements according to these characteristics first. Then, check the following aspects of the top-rated traditional and the best online banks the UK should obtain:

  • Fees and interest rates should be well-balanced. Banking fees should be reasonable compared with the interest rates provided. It will be great to provide discounts for some options to save pennies that might be spent for monthly support and maintenance of the bank accounts.
  • Both checking and saving accounts should be presented for clients’ comfort. Credit and debit cards should be served at affordable monthly charges (payments for online bank statements, overdraft transactions, cashiers’ checks, etc.).
  • Extra features for customers should be available in the banks. For example, many users prefer app banking to transfer funds and have regular paychecks. To cash out money round the clock, customers are searching for the top banks in the UK with numerous local ATM machines.
  • Global outreach is a must. If clients are active travelers or have frequent business trips, foreign offices in European, and Asian countries, and other world corners will be a great benefit for many users. This way clients can get their cash on the road hassle-free and with zero commissions in the international branches of such institutions.
  • Quick scans of personal data are one more feature of the best digital bank in Great Britain. When the banking establishment verifies, updates, and checks all the documentation fast, customers are glad about this immediate service. Plus, this is characteristic of reliable UK digital banks – minimum security breaches and delays take place when it comes to wire transfers and other transactions.

Be ruled by the above-listed characteristics to find the perfect match for your financial operations. It is worth noting that these are only the most common features of the best banks in the UK. Some users require a specific account like money-market or certificate-of-deposit (CDs) ones. Another category of customers is searching for the best banks in the UK with the opportunity of mortgages and personal loans at applicable terms and conditions.

One more essential aspect many British residents take into consideration is a CD ladder available through high-yield saving accounts for different purposes (and with various favorable conditions to multiply assets). This option is available not in all British digital banks. But a great CD ladder can be a brilliant alternative to a single banking account that is far from the high-yield portrait.

4 Best Online Banks in the UK: The Top-Rated Banking Service Providers

The top-priority task for British people’s financial confidence is to hit the target regarding the institution where to have a bank account in the UK. Trustpilot can be the magic wand with its ratings compared to the professional outlook at leading establishments. In 2023, the top list of banks in the UK represents new greyhounds in the niche of digital financial services. It goes without saying that customer-centric approaches won.

Online banking for UK-based users is a significant feature that matters for banks’ ratings today. The present-day leadership is shared among four establishments you can count on:

  1. The NBS (Nationwide Building Society);
  2. Lloyds;
  3. HSBC;
  4. Barclays.

Each top performer in this list has thousands of reviews on the Trustpilot platform and rather high customer recognition. To decide which highly respected and popular finance institution among the best digital banks in the UK meets all your demands, take a closer look at detailed reviews of each one from 5 market-leading firms.

1 – NBS

This is a traditional banking establishment founded 150 years ago. But its reputation and the aspiration to modernize all the services for more customer satisfaction brought Nationwide Building Society high ratings. It is among the best online banks in the UK because:

  • Numerous options are available including loans, mortgages, credits, etc.;
  • This is a true society without stakeholders but real members who make decisions;
  • The customer base is more than 16 million clients;
  • Digital-friendly options are presented including online banking, contactless cards, virtual debit & credit accounts, etc.

It is worth noting that NBS can offer zero opening fees and chargeless monthly GBPO-13. The availability of financial services for business here is one more feature of reputable UK digital banks.

2 – Lloyds

This is one of the top-rated online banks in the UK for business and retail account opening. More than 25 million clients opt for the financial services of this institution. There are numerous local offices and ATMs throughout Wales and England. Lloyds partners with Halifax branches to serve more customers from Scotland and Northern Ireland.

This bank is about global outreach too. Many international offices for retailers and businessmen are accessible in Argentina and the USA. Many British residents select this financial establishment among other online banks in the UK to save funds and use retail banking options.

3 – HSBC

If you want to open a bank account in the UK, pay attention to one more top-ranking financial service provider in 2023. It has a long history and global outreach in the context of wealth and personal banking packages. About 41 million customers entrust their money to this organization. Both contactless VISA and Mastercard cards are available here together with various online banking features. Note that this is a multi-currency bank with zero monthly fees for personal accounts.

4 – Barclays

Meet the leading financial service provider with a sound international network. It was founded more than 350 years ago. Now, it is a modern institution with a plethora of perks for customers worldwide. Here is a list of key features that make Barclays one of the best digital banks in the UK:

  • About 4800 branches worldwide;
  • Serves customers from 55 countries;
  • Great wealth management services;
  • Investment banking options are available;
  • A client base is over 47 million;
  • Zero opening fees for personal accounts;
  • Chargeless GPBO-20;
  • Mobile banking and contactless cards for customers.

Another weak spot noticed by clients of this banking service provider is ascent access to deposit funds. It means that long-term savings will be more optimal to get higher commissions. The flexibility of deposit packages is the top-priority task of Barclays to attract more customers worldwide in the future.

What Else to Keep in Mind While Searching for the Best Digital Bank?

In the era of digitalization and ever-changing digital environments, more and more residents of the United Kingdom switch from traditional digital-unfriendly banks to leaders in online banking UK packages. If you are interested in digital features, pay attention to the following must-haves:

  • The best online banks in the UK offer mobile checks of deposits.
  • A user-friendly app or website with easy navigation is available.
  • Users can pay their bills, transfer funds, and undertake other transactions online.
  • Debit and credit cards can be locked/unlocked in the app or on the website.
  • Mobile banking alerts are available for 24/7 notifications and round-the-clock account monitoring.

If your current account cannot be set online, it is more likely that you need to explore our list of banks in the UK that are digital-friendly, trustworthy, and top-ranking according to customers’ reviews and federal financial advisors’ reports.