Visual Guide
Which UK banks are secretly the same bank?
Published 2 October 2026 · 4 min read
"NatWest" and "RBS" look like two different banks. For switching-bonus purposes, they're not — they're the same banking group, and claiming an incentive from one usually blocks you from the other. Here's every grouping that actually matters, at a glance.
⚠️ Why this trips people up: most switching offers exclude you if you've "previously received an incentive from us or our group" — but the group isn't always obvious from the brand name alone.
The groupings that catch people out
Lloyds Banking Group
Lloyds
Halifax
Bank of Scotland
One incentive blocks the other two. Halifax is also being phased out and folded into the Lloyds brand entirely.
NatWest Group
NatWest
Royal Bank of Scotland
Ulster Bank
Same group, same exclusion rules — a bonus from one rules out the others.
HSBC Group
HSBC
first direct
First Direct specifically excludes anyone who's held an HSBC account since 1 January 2018 — check the live offer's exact wording, since group ownership and bonus rules aren't always identical.
Nationwide Group
Nationwide
Virgin Money
Nationwide owns Virgin Money, but Virgin Money currently still runs its own separate switching terms — worth double-checking rather than assuming either way.
Stand-alone groups
Santander
Barclays
TSB
Co-operative Bank
Each stands alone for eligibility purposes — no sibling-brand exclusions to worry about.
Challenger banks
Monzo
Starling
Zopa
Revolut
Chase
Each independently licensed — no group-exclusion overlap between any of these or with the high-street groups above.
What this actually means for your switching plan
- If you've ever claimed a Halifax, Lloyds, or Bank of Scotland switching bonus, assume all three are off the table — check the specific exclusion date before applying to any of them
- The same logic applies across NatWest / RBS / Ulster Bank
- HSBC and First Direct are linked, but their specific exclusion rules differ slightly — always read the live offer's own terms rather than assuming identical treatment
- Everything else on our tracker (Santander, Nationwide, Barclays, TSB, plus every challenger bank) is genuinely independent — no hidden group exclusion to plan around
Planning several switches? Map out which banks you've already claimed from by group, not by brand name, before applying anywhere else — it takes two minutes and avoids a wasted application.
FAQ
Does this apply to savings accounts and mortgages too, or just current accounts?
Group exclusions are usually specific to each product's own switching or incentive terms — a mortgage or savings exclusion with one brand doesn't automatically rule out a current account switch elsewhere in the group, but it's worth checking each offer's own wording.
How do I find out which group a bank belongs to before applying?
Check the offer's own terms and conditions — UK banks are required to disclose group exclusions clearly there, even if it isn't obvious from the brand name or advertising.
Will these groupings change over time?
They can — the Halifax/Lloyds rebrand currently underway is a live example of a group restructuring its own brands. We track and update this page when that happens.
Already mapped out your switches?
Your two BeSwitchReady Direct Debits travel automatically to whichever bank you move to next, across any group.
Two Direct Debits, £1.98/month total (£0.99 each) — set up once, ready for every offer.
Join BeSwitchReady →
See what's live right now
Six live bank switching offers tracked and verified this month.
View live offers →
Banking group structures and exclusion rules are set by each bank and can change — always check the specific offer's own terms before applying. Figures verified as of 2 October 2026.