Market Share: Online Banking
Lloyds is pictured after charting this first comparison covering online banking market share. Any bank (or building society) has been listed that offers a current account to UK residents (not those with prepaid cards or mobile-only managed). The rankings displayed are taken from Alexa.com. UK ranks (not global) are shown. This means that visits are only counted from local IPs. Sorting is applied to the banking site where the login is housed. Some banks provide these portals externally, whilst others just use a single address, usually on a subdomain. All of the rankings were checked on the 25th March 2017. Actual ranks change on a daily basis and so we’ll aim to run frequent updates to keep the data fresh.
What Can We Learn from This Data?:
Some banks benefit from advertising, experience and large branch networks, but on the whole more usage equates to more competitive financial products. If they weren’t competitive then people simply wouldn’t be sticking around. Quoted customer base tallies aren’t always useful to compare since you have no idea what share of the customers are active. In contrast, more visits from people logging in to manage their money is a clear sign of active usage. The big banks are expected to lead the way, whilst at the bottom you’ll see the more specialised foreign and high net worth banks. There are currently 40 listings attached. We have started profiling the bigger names and will hope to cover the rest soon.
Banks Offering Money to Switch:
How did your bank perform below and is it worth considering a move to someone that ranked higher? One thing that may just sway a change would be a current account switching reward. This is where we welcome The Current Account Switch Service that was launched by Bacs in 2013. They have switched over 3 million accounts since then. The process takes just 7 days. More than 40 banks and building societies are now joined. However, just 5 of these offer cash or voucher rewards. Other try to entice with cashback, improved interest rates etc. Rewards often come with deadlines and so we’ll keep those updated as well as the main ranks. The noted 5 follow the main list.
– For branding, we have shortened the names in some cases. This was done to prevent excessive keyword density since “Bank” was very common.
– Login sites are scored and so these will be listed first (for those that use 2 sites).
– Most building societies only offer savings products rather than current accounts that is why only Nationwide and Cumberland are listed. Sainsbury’s for reference don’t offer bank accounts.
– Subdomains are often used for logins and so a visit to the listed URL could show a blank screen or redirect. This is seen for instance with Lloyds who redirect www.lloydsbank.co.uk to the (.com). However, if you visited https://online.lloydsbank.co.uk then you’d be fine. When profiling we make a reference to this.
– M&S Bank has not been included since they use the subdomain of http://bank.marksandspencer.com for financial. According to Alexa, only 8.5% of their visitors head to that section (the bulk being clothing).
Market Share: Online Banking in 2017
@ www.lloydsbank.co.uk (47) | www.lloydsbank.com (108)
@ www.hsbc.co.uk (56)
@ www.santander.co.uk (64)
@ www.halifax-online.co.uk (81) | www.halifax.co.uk (261)
@ www.barclays.co.uk (87)
@ www.nationwide.co.uk (126)
@ www.nwolb.com (152) | www.natwest.com (122)
@ www.tsb.co.uk (178)
9) Bank of Scotland
@ www.bankofscotland.co.uk (378)
10) First Direct
@ www.firstdirect.com (423)
@ www.tescobank.com (471)
12) The Co-operative
@ www.co-operativebank.co.uk (623)
@ www.rbsdigital.com (717) | www.rbs.co.uk (712)
14) Virgin Money
@ www.virginmoney.com (1043)
@ www.ybonline.co.uk (1151)
@ www.metrobankonline.co.uk (1488)
@ www.cbonline.co.uk (1988)
@ www.smile.co.uk (3244)
@ www.citi.eu (6419) | www.citibank.co.uk (7815)
20) First Trust
@ www.firsttrustbank.co.uk (6416)
@ www.ulsterbankanytimebanking.co.uk (6926) | www.ulsterbank.co.uk (6015)
@ www.danskebank.co.uk (7123)
23) Cater Allen
@ www.caterallenonline.co.uk (8772) | www.caterallen.co.uk (12,278)
@ www.handelsbanken.com (9749) | www.handelsbanken.co.uk (11,551)
@ www.coutts.com (10,044)
26) State Bank of India
@ www.onlinesbiglobal.com (16,555) | www.sbiuk.com (26,606)
@ www.icicibank.co.uk (17,318)
@ www.cumberland.co.uk (22,503)
@ www.investec.com (24,744) | www.investec.co.uk (19,266)
30) Bank of Cyprus
@ www.bankofcyprus.co.uk (26,396)
31) Unity Trust
@ www.unity-online.co.uk (30,061) | www.unity.co.uk (168,538)
32) C. Hoare & Co
@ www.hoaresbank.co.uk (57,634)
33) United Bank UK
@ www.ubluk.com (64,961)
34) Post Office
@ www.postofficeonlineaccount.co.uk (74,405) | www.postoffice.co.uk (772)
@ www.weatherbysbank.com (122,131) | www.weatherbys.co.uk (86,787)
36) Reliance Bank
@ www.reliancebankltd.com (135,049)
37) Arbuthnot Latham
@ www.arbuthnotlatham.co.uk (288,787)
38) Adam & Company
@ www.adambank.com (no rank)
39) Hampden & Co
@ www.hampdendigital.com (no rank) | www.hampdenandco.com (no rank)
@ www.marksandspencer.com (see notes above)
@ www.youandb.co.uk (app control)
There was just 5 active offers when this comparison was compiled. The most popular site (HSBC) happens to also offer the highest reward. They also own First Direct where there is a potential £200 (if you say goodbye, otherwise just £100). HSBC’s generous £200 (£150 + £50 if you stay) is the best on paper, but eligibility is strict. Their Advance account requires £1750 monthly, whilst Premier is £100,000 per year. The Co-op switch offer looks good at £110 as does First Direct at £100. Halifax is also notable since their Reward account pays £3 monthly. M&S is great at £170 total, but we’d all choose cash over gift cards. Don’t forget to check over the terms.