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.
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.
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.
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.
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
C Hoare & Co
Citibank UK Limited
Coutts & Company
Coventry Building Society
Creation Financial Services
Currency Solutions Limited
FBN Bank (UK) Ltd
Foreign Currency Direct Plc
Ghana International Bank
Hargreaves Lansdown Savings
Industrial and Commercial Bank of China
Jordan International Bank Plc
Northern Bank Limited
Reliance Bank Ltd
Royal Bank of Scotland International Limited, Luxembourg Branch
SG Kleinwort Hambros Bank
Spectrum Payment Services Limited
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
Turkiye Is Bankasi As
Ulster Bank Ireland DAC
Union Bank of India
Wells Fargo Bank, National Association
Yorkshire Building Society
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