The UK Banking System

If you are going to live in the UK, you are definitely going to want to understand the Banking system here. At the very least, you will want to use some of their services like keeping your money there, and being able to deposit and withdraw. There may also come a time where you need to borrow from one of these institutions. The type of credit program you are in need of will dictate which banks would be the best to suit your needs.

Some of the common types of Banks found in the UK are…

High Street Banks

For the average person who is in need or regular banking services, this is the category of Bank in the UK that is most often chosen. For example, this would be HSBC or Halifax.

Business Banking

Within many of the High Street Banks, there is a sector that is dedicated to business needs. Here business owners can take advantage of credit programs that are reserved for business.

Investment Banking

For those who are looking for a financial institution that specializes in investing, there are dedicated banks in the UK for this.

Central Banks

In the UK, it is the Bank of England that is considered to be the central bank or the government-controlled bank. This bank plays an important role in the economy of the UK as it has the responsibility for setting the policies regarding money.

When choosing the bank that you want to do business with, first you will need to decide what type of business it is that you are looking to do. If you are looking for one that is going to meet your basic banking needs then you will probably want to choose one that is convenient for you within the immediate area of where you are living or working. If you are looking at one of the bank credit programs then you may want to shop around a bit.

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