The commercial banks in the United Kingdom and the banking system in general is very similar to that of the United States. The country has a central bank that controls the flow of currency, regulates the banking industry and sets the lending interest rate for the banks. In fact, many commercial banks in United Kingdom have offices in the United States. However, these similarities don't eliminate the need for research prior to making a deposit. There are certain terms that you need to know prior to banking in the United Kingdom.
Bank of England
The Bank of England is the central bank of the United Kingdom. It's also responsible for monetary policy, setting the prime borrowing rate and the stability and regulation of the commercial banking industry.
Organisation for Economic Co-Operation and Development
The Organisation for Economic Co-Operation and Development is a global entity that promotes commercial banking and business development throughout the world. This business entity is an excellent resource for American companies that want to invest overseas.
British Bankers Association
The British Bankers Association is the leading banking group within the United Kingdom that represents over 200 financial institutions in the country. If you have any questions about the commercial banks in United Kingdom, the British Bankers Association is an excellent resource.
Alliance & Leicester
Alliance & Leicester is one of the leading commercial banks in the United Kingdom. Alliance & Leicester is part of the Santander group, which is a global financial services company with operations in most every country in the world.
Barclays Commercial Bank
The Barclays Commercial Bank is one of the leading financial institutions within the United Kingdom and one of the few to offer a dedicated business services division.
The pound sterling
The United Kingdom commercial banking system currency of record is the pound sterling. It's important to know the exchange rate of the pound compared to the U.S. dollar prior to making any commercial banking deposits.