Megan Brooks
England's banking sector has played a significant role in the global financial system. The country's banking landscape is diverse, with a mix of domestic and international banks. As of 2024, there were 328 Monetary Financial Institutions operating in the country, including 117 UK-headquartered banks. The number of banks in the UK has been increasing, with 362 in 2024 and 374 in 2025. The Big Four retail banks in the UK are HSBC UK, Barclays UK, Lloyds Banking Group, and NatWest.
| Characteristics | Values |
|---|---|
| Number of banks in England | 362 as of 2024, 374 as of 2025 |
| Number of bank branches in the UK in 2022 | 6,305 |
| Number of bank branches in the UK in 2012 | 11,355 |
| Number of Monetary Financial Institutions operating in the UK as of June 2024 | 328 |
| Number of UK-headquartered banks as of June 2024 | 117 |
| Central bank of the United Kingdom | Bank of England |
| Key players in the UK banking sector | HSBC UK, Barclays UK, Lloyds Banking Group, and NatWest |
| Other major banks in the UK | Santander UK, Nationwide Building Society |
| Digital challenger banks in the UK | Revolut, Monzo, Starling Bank |
| Net decline in bank units in the UK since 2014 | 50% |
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What You'll Learn
The Bank of England
The Financial Services Act 2012 transferred the responsibility for regulating and supervising banks and insurance companies back to the Bank of England, establishing the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
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The UK's 'Big Four' banks
As of 2023, there are over 150 banks operating in England, including a diverse range of traditional high street banks, digital-only banks, building societies, and private banks. Among these, a group of four banks stands out as the largest and most influential in the UK's banking sector, often referred to as the "Big Four." These are HSBC, Barclays, Lloyds Banking Group, and NatWest Group. Together, they dominate the UK's financial landscape and play a significant role in shaping the industry.
Let's take a closer look at each of these banking powerhouses:
HSBC: HSBC Holdings plc is one of the world's largest banking and financial services organizations. With a presence in over 60 countries, it has a strong global footprint. HSBC UK, its British subsidiary, offers a wide range of financial products and services to individuals, businesses, and institutions. HSBC is known for its international focus and has a strong presence in commercial and investment banking, as well as wealth management. The bank has a long history dating back to 1836, when it was founded in Hong Kong, and it has been operating in the UK since the 1980s.
Barclays: Barclays plc is a multinational universal bank headquartered in London. It offers corporate banking, investment banking, wealth management, and investment management services. With a history spanning over 300 years, Barclays is one of the oldest and most established banks in the UK. It has a strong retail presence through its high street branches and has also embraced digital innovation, offering convenient online and mobile banking services. Barclays is known for its investment banking arm, Barclays Capital, which is a major player in the global financial markets.
Lloyds Banking Group: Lloyds Banking Group is the UK's largest retail and commercial bank, with a significant market share in mortgages and savings. It was formed through the merger of Lloyds TSB and HBOS in 2009. The group's main brands include Lloyds Bank, Halifax, and Bank of Scotland. Lloyds has a strong focus on personal and business banking and is known for its extensive network of branches across the UK, offering face-to-face banking services to its customers.
NatWest Group: NatWest Group, formerly known as Royal Bank of Scotland Group, is one of the UK's leading banking groups. It comprises several brands, including NatWest, Royal Bank of Scotland, and Ulster Bank. NatWest Group has a strong retail banking presence and is also active in commercial and corporate banking, wealth management, and investment services. The group has a long history, with its earliest constituent institutions dating back to the 17th century. It has a significant market share in current accounts, mortgages, and business loans.
The UK's Big Four banks are not only significant for their size and market share but also for their influence on the country's economy and financial system. They are closely regulated by the Prudential Regulation Authority and the Financial Conduct Authority to ensure financial stability and consumer protection. These banks have played a critical role in shaping the UK's banking industry and continue to adapt to the evolving needs and expectations of their customers.
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Digital banks
The rise of digital banks in England has been a significant shift in the country's banking sector. Digital banks have gained popularity due to their competitive interest rates and the ease of transferring money. This shift has been facilitated by the increasing integration of banking services into everyday mobile use, with many customers prioritizing speed, convenience, and control.
One of the key players in the digital banking space in England is Revolut, which boasts over 50 million users globally and has seen a major shift towards financial sustainability. Other prominent digital banks include Monzo, which has a strong presence in the UK market, and Starling Bank, which offers award-winning bank accounts and has a solid financial performance and strong user engagement.
Atom Bank is also worth mentioning, as it is one of the earliest digital-only banks in the UK. Monese, a digital bank with a focus on international customers and financial inclusivity, and ANNA (Absolutely No-Nonsense Admin), a digital bank tailored for small to medium-sized businesses, are also notable players in the English digital banking sector.
While digital banks have made significant strides, traditional banks in England still maintain a large digitally active customer base. In 2023, HSBC had the largest digitally active customers, with 34.86 million, followed by Lloyds Banking Group, with 21.5 million active digital customers.
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Credit unions
The number of credit unions in the UK has fluctuated over the years. In 1982, 73 credit unions were registered. Between the late 1980s and early 1990s, the registration of credit unions surged, increasing fourfold between 1987 and 1994. By 1997, 31 credit unions were registered in Wales, and by 2010, this number had reduced to 26 through mergers. According to Bank of England figures, the number of credit union members in Britain nearly doubled from 562,000 in 2004 to almost 1.04 million in 2012, while total assets increased from £432 million to £956 million. However, the number of active credit unions in Britain fell from 565 in 2004 to 390 in 2012.
One example of a credit union in the UK is the London Mutual Credit Union, which serves the communities of Southwark, Lambeth, Westminster, and Camden with affordable loans, savings, and convenient current accounts.
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Building societies
As of 2025, there are 374 bank businesses in the UK, an increase of 3.3% from 2024.
The term "building society" first appeared in the 19th century in Great Britain, arising from cooperative savings groups. In their heyday, there were hundreds of building societies, with nearly every town in the country having one named after it. Over the years, the number of societies has decreased due to mergers and demutualisation, followed by takeovers by banks.
In the UK, building societies are members of the Building Societies Association (BSA), which represents 42 or 43 societies, depending on the source. Some well-known building societies in the UK include Nationwide Building Society, Coventry Building Society, and Yorkshire Building Society.
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Frequently asked questions
England does not have a fixed number of banks as the number keeps changing. However, as of 2024, there were 328 Monetary Financial Institutions operating in the country.
The "Big Four" retail banks in England are HSBC UK, Barclays UK, Lloyds Banking Group, and NatWest.
Yes, England has a number of digital banks like Revolut, Monzo, and Starling Bank.
The Bank of England is the central bank of England. It was founded in 1694 and oversees financial markets and financial market infrastructure.
England has a diverse banking landscape with incumbent major banks, challenger banks, and credit unions.
