A number of American banks are now operating here in the UK. Some have been established here for years, while others are fairly new.
Part of the reason for this is that the UK has well-established economic ties with the US, as well as the fact the US dollar is the most traded currency in the world.
So, let’s take a closer look at some of the American banks that have hit the UK.
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Chase is part of the JPMorganChase family and opened its digital doors in the UK in 2021. It offers a competitive current account that pays cashback on your purchases for the first year and offers fee-free spending abroad. It also has a savings account.
Accounts are managed via the Chase app and it already has more than 2 million UK customers.
Citi is a major global bank that serves more than 200 million customer accounts. It’s had a presence in the UK since 1902. Citibank primarily focuses on wealth management solutions in the UK and has offered multi-currency accounts and a Citigold account with a dedicated relationship manager.
In February 2024, CitiBank closed its only UK branch, located in Canary Wharf, along with its ATMs, following a decision to focus on private banking (rather than retail banking) in the UK.
Morgan Stanley Bank
Morgan Stanley has been operating in the UK since 1977. It doesn’t provide traditional bank accounts, but instead focuses on offering financial products and services to investors and other clientele.
It also offers market analysis, as well as investment strategy services.
Bank of America
Bank of America is the second largest banking institution in the US and it opened its first office in the UK in 1931. It offers products and services to corporate and institutional clients, including corporate, commercial and investment banking, as well as payment solutions and research.
Benefits of a US bank
The benefits of a US bank can vary depending on what you’re looking for. Some US banks allow you to hold US dollar accounts that can be beneficial if you regularly receive payments in this currency. Others are more geared towards wealth management services and private banking, while others simply rival British bank account offerings.
Bottom line
There are several American banks with operations in the UK, but whether you choose to bank with one is up to you. Banks such as Chase offer competitive everyday bank accounts that can also be used for overseas spending, while others are more tailored towards those looking for wealth management solutions or investments.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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