Which banks support open banking?
Open banking requires consumers to have their own bank account. But not all banks or bank accounts are covered by open banking.
Initially, nine of the biggest UK banks were required to sign up to Open Banking. These were: Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander.
However, other banks have signed up since then, and the list is growing all the time. The current banks and building societies who offer open banking in the UK are:
Allied Irish Bank
Arbuthnot Latham & Co Limited
Bank of Ireland UK
Bank of Scotland
C Hoare & Co
Coutts & Company
Coventry Building Society
Creation Financial Services
Ghana International Bank
Hargreaves Lansdown Savings
Industrial and Commercial Bank of China
SG Kleinwort Hambros Bank
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
Yorkshire Building Society
What accounts can I use open banking with?
Open banking requires a bank account with online or mobile access and the ability to make payments such as personal and business current accounts. It can't be used with savings accounts, investment accounts, restricted payment accounts or accounts for which online access is not available.
Can I use open banking with business bank accounts?
As long as your business bank account has online or mobile access and has the ability for direct payments to be made, you can use it with an open banking app. There are numerous open banking apps specifically designed for use by businesses and SMEs.
Some online accounting software can also make use of open banking to increase security when checking bank balance information. Open banking is more secure than 'screen scraping' which is the old way for online accounting packages to check balances.
Not all providers support access to business accounts. If you're a business looking to use an open banking intermediary, you should check which types of bank accounts that provider supports.
Can I use open banking with credit cards?
Yes, in the UK credit cards are classed as payment accounts and customers have a right to access their credit card data through third party providers.