We gathered the latest banking statistics on the biggest and best banks in the UK, along with carrying out our own research revealing how often people are switching their accounts. Discover the latest statistics below.
The most popular bank in the UK is Barclays, with 48 million people choosing to bank here. HSBC comes in second with 42 million customers, followed by Lloyds with 27 million customers.
| Bank | Customers |
|---|---|
| Barclays | 48 million |
| HSBC | 39 million |
| Lloyds | 26 million |
| Natwest | 19 million |
| Nationwide | 16.3 million |
HSBC has the largest market share out of all UK banks by far, at approximately £132.6 billion in December 2024. This is more than 3 times larger than Barclays, the second largest UK bank by market share at £38.3 billion. Lloyds is in third place with £32.39 billion, followed closely by Natwest (£32.36 billion) and Standard Chartered Bank (£23.9 billion).
| Bank | Market cap |
|---|---|
| HSBC | £132.61 billion |
| Lloyds | £38.33 billion |
| Barclays PLC | £32.39 billion |
| NatWest Group | £32.36 billion |
| Standard Chartered | £23.91 billion |
HSBC had the highest net profit among UK banks by far in 2023, generating £31 billion. This was more than the next four largest UK banks combined. Lloyds came second with £5.5 billion, followed by Barclays with £5.3 billion, Natwest with £4.6 billion and Standard Chartered with £4.4 billion.
| Bank | Profit |
|---|---|
| HSBC | £31 billion |
| Lloyds | £5.5 billion |
| Barclays | £5.3 billion |
| Natwest | £4.6 billion |
| Standard chartered | £4.4 billion |
Although traditional UK banks tend to have a higher market share and number of customers, digital challenger banks seem to outperform them when it comes to customer satisfaction.
In the 2024 Finder Banking Customer Satisfaction Awards, Chase, Starling and first direct had the highest customer satisfaction score. 100% of the people we surveyed said they would recommend Chase, first direct and Starling to a friend.
None of the top five UK banks by number of customers placed in the top five for customer satisfaction. Lloyds, which was placed in third for customer numbers, with a total of 27 million customers, placed 8th for customer satisfaction with 93%.
The majority of the top-ranked UK banks for customer satisfaction were challenger digital banks, despite having lower numbers of customers. This includes Monzo which scored 98% and Nationwide which scored 96%.
| Bank | Rating |
|---|---|
| Chase | 100% |
| first direct | 100% |
| Starling | 100% |
| Monzo | 98% |
| Bank of Scotland | 98% |
| Nationwide | 96% |
| Revolut | 95% |
| Lloyds Bank | 93% |
| Natwest | 91% |
| RBS | 91% |
| Santander | 91% |
The bank with the largest amount of assets in 2023 was HSBC, with £2.38 trillion in assets. This is a 2% decrease from 2022 when HSBC had £2.45 trillion in assets. Barclays had £1.51 trillion worth of assets in 2022, and now has £1.48 trillion in assets, also a 2% decrease.
Lloyds had £0.88 trillion worth of assets in 2023, the same as in 2022. Natwest had a 5.5% decrease from £0.72 trillion in 2022 to £0.69 trillion in 2023. Standard Chartered saw the biggest decrease in percentage out of the five largest UK banks, going from £0.68 trillion in assets in 2022 to £0.64 trillion in 2023 (5.9% decrease).
Our 2023 survey looked into the reasons why people haven’t switched bank accounts to take advantage of a switching deal. A third of Brits (34%) haven’t because they are loyal to their current banking provider, the most popular reason for staying. Other reasons included it being too time-consuming (11%), stressful (10%) and that the cash rewards for switching are not high enough (9%).
| Reasons | Percentage |
|---|---|
| I am loyal to my current banking provider | 34.33% |
| Too time consuming | 13.64% |
| Too stressful | 11.44% |
| Cash rewards not high enough | 10% |
| I'm scared to lose recurring payments | 9.30% |
| Don't know how to | 5.30% |
Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806
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