Which Banks Use Open Banking?

Open Banking isn’t new and was first introduced in 2018 as an initiative to give consumers more control over their data and how they view it. Initially, the largest nine UK banks were required to participate in the scheme, though it has gradually opened up with many smaller banks and building societies now also allowing customers to use Open Banking across those accounts. Smaller organisations do still have the choice though, so here we detail which account providers currently offer Open Banking. 

What is the Open Banking Initiative? 

Open Banking is an initiative that requires UK banks to create interfaces that are ‘open’. This enables information in customer accounts that were previously ‘locked’ and only available through the bank’s own apps and systems, to be shared outside of those systems. It has been created to help simplify how financial information is shared and it allows individuals and businesses to consolidate their bank accounts into one single interface, enabling easier viewing. Not only that, but you can also securely manage your money and initiate payments through an authorised Third-Party Provider using Open Banking.  

It is completely secure, and you control how your data is managed and accessed.

What are the Best Open Banking Apps?

Despite being an initiative that began with the top UK banks, Open Banking isn’t only used by traditional banks or building societies. Nowadays, third-party app providers are using the technology to give consumers even greater flexibility when it comes to managing their finances, without needing to only use their account provider’s app. 

In line with the principles of Open Banking, these apps are designed to help users manage their money, analyse their spending habits and use that information to help them save money where possible. For example, there are apps to help you budget, apps to help you save and apps, like ilumoni, to help you take control of your borrowing specifically.

There is no singular app that’s the best, as it depends on how you define ‘best’ - highest customer ratings, simplest design and user experience or something else? Instead, the best Open Banking app to use is one that aligns with your goals and priorities, and what you’re hoping to achieve through its use. 

Is Open Banking safe to use?

Open banking is designed with security at its heart, so you can be assured that it is safe. It uses bank-level security, rigorously tested software and is regulated by the FCA. You’re also completely in charge of what data you choose to share via Open Banking, and can revoke access at any time. 

If you'd like to know more about how Open Banking works, and whether or not you should use it, read our full guide on Open Banking and why it matters now. 

Which banks and building societies use Open Banking?

As of August 2021, we can see from openbanking.org that the following banks and building societies offer Open Banking to their customers: 

• Advanced Payment Solutions Limited

• Allied Irish Bank

• Arbuthnot Latham & Co Limited

• Bank Of Baroda (UK) Limited

• Bank of Ireland UK

• Bank of Scotland

• Barclays

• BFC Bank

• C Hoare & Co

• Citibank UK Limited

• ClearBank Limited

• Clydesdale Bank

• Contis

• Coutts & Company

• Coventry Building Society

• Creation Financial Services

• Currency Solutions Limited

• Cynergy Bank

• Danske

• FBN Bank (UK) Ltd

• Foreign Currency Direct Plc

• Ghana International Bank

• Halifax

• Hargreaves Lansdown Savings

• HSBC

• ICBC (London)

• Industrial and Commercial Bank of China

• Investec

• Jordan International Bank Plc

• Lloyds Bank

• M&S

• MBNA

• Metro Bank

• Mizuho Bank

• Monese LTD

• Nationwide

• NatWest

• NewDay

• Northern Bank Limited

• OKEO LIMITED

• Permanent TSB

• Prepay Technologies

• Project Imagine

• Reliance Bank Ltd

• Revolut

• Royal Bank of Scotland International Limited, Luxembourg Branch

• Sainsbury’s Bank

• Santander

• SG Kleinwort Hambros Bank

• Spectrum Payment Services Limited

• Starling Bank

• Tesco Bank

• The Access Bank UK Limited

• The Bank of New York Mellon

• The Co-operative Bank

• The Governor and Company of the Bank of Ireland

• The Royal Bank of Scotland

• The Royal Bank of Scotland International

• Tide Platform

• TSB Bank

• Turkiye Is Bankasi As

• Ulster Bank

• Ulster Bank Ireland DAC

• Union Bank of India

• Vanquis Bank

• Virgin Money

• Wells Fargo Bank, National Association

• Wirepayer

• Wirex Limited

• Yorkshire Building Society