Why do Triodos use RBS/Natwest as their clearing bank in the UK? | Triodos Bank (2023)

Historically, smaller challenger banks such as Triodos had no option but to utilise one of the “big four” banks (RBS, Lloyds, HSBC and Barclays) for payment clearing services.

So it is not unusual to see banks of Triodos’ size (or indeed some far bigger organisations) still utilising the “big four” clearing banks.

However, there is currently a real drive by the government, via the Payments Systems Regulator, to promote competition in the banking sector and to encourage innovation in payment systems.

This has resulted in a wider choice of clearing options (including alternative providers and/or direct clearing) now available to challenger banks.

While changing our clearing arrangements would be a very large undertaking we continue to review the options, remaining conscious of maintaining a high quality of service for all our customers.

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FAQs

What is a clearing bank in the UK? ›

clearing bank | Business English

in the UK, one of the main banks, that can exchange cheques and other payments between customers of other banks: The four clearing banks in Scotland are Bank of Scotland, Clydesdale Bank, Lloyds TSB and the Royal Bank of Scotland.

Can NatWest Bank Do RBS? ›

We are writing to customers of affected branches to highlight the alternative ways to bank in their area. Royal Bank of Scotland customers can now use NatWest branches for their everyday banking, such as withdrawing cash, checking balances or paying in (and vice versa).

Which banks are linked to NatWest? ›

NatWest Holdings Limited

Its main subsidiaries are National Westminster Bank Plc, The Royal Bank of Scotland plc and Coutts & Company. A common board structure operates across NatWest Holdings Limited, National Westminster Bank Plc and The Royal Bank of Scotland plc with the same directors serving on all 3 boards.

Who is Triodos Bank owned by? ›

A European bank with over 700,000 customers

Triodos Bank UK Limited is a wholly owned subsidiary of Triodos Bank NV and based in Bristol. Our head office is in Zeist, which is near Utrecht in the Netherlands, and we are established according to Dutch law.

Which banks are clearing banks? ›

NSE Clearing has empanelled 15 clearing banks namely Axis Bank Ltd., Bank of India Ltd., Canara Bank Ltd., Citibank N.A., The Hongkong & Shanghai Banking Corporation Ltd., ICICI Bank Ltd., HDFC Bank Ltd., IDBI Bank Ltd., IndusInd Bank Ltd., JPMorgan Chase Bank, Kotak Mahindra Bank Ltd., Standard Chartered Bank, Union ...

Who is a clearing bank? ›

A clearing bank is a banking institution that is a member of a national check clearing network that has the ability to approve or clear checks for payment, even if those checks are not written on accounts associated with that bank. Typically, a clearing bank is a commercial bank.

Are RBS and NatWest the same? ›

Yes, the Group's ordinary shares will continue to be listed on both the London Stock Exchange and the New York Stock Exchange and the listing will be updated from 'The Royal Bank of Scotland Group plc' to NatWest Group plc, following the legal name change, anticipated to be effective later this year.

What is the difference between NatWest and RBS? ›

THE Royal Bank of Scotland (RBS) Group is changing its name to the NatWest Group but the banking giant says there's no change for customers. Coutts, NatWest, RBS, and Ulster Bank will remain the brands operating within the group, with RBS saying it's just the group name that's changing.

What is the relationship between RBS and NatWest? ›

In 1979 National & Commercial Banking Group's name was changed to the Royal Bank of Scotland Group. In 2000 the Royal Bank of Scotland Group acquired National Westminster Bank, along with its subsidiaries Ulster Bank, Isle of Man Bank, Lombard North Central and Coutts & Co.

What banks are linked together UK? ›

Which banks are linked?
  • Bank of Cyprus UK.
  • Bank of Ireland UK, Post Office, AA (for accounts opened after 2 September 2015)
  • Bank of Scotland, Aviva, Halifax, Intelligent Finance, Birmingham Midshires (BM Savings), AA (for accounts opened before 2 September 2015), Saga, Capital Bank, St James's Place Bank.

When did NatWest take over RBS? ›

In the years after NatWest joined RBS in 2000, the Group grew rapidly. In 2007 it was part of a consortium which acquired the Dutch bank ABN AMRO. Soon afterwards, a crisis in global financial markets and deteriorating economic conditions across the world weakened many financial services organisations.

Is RBS still owned by the government? ›

For the first time since the financial crisis, NatWest Group plc (formerly Royal Bank of Scotland Group plc) is no longer under majority public ownership following a £1.2 billion sale of part of the government's shareholding back to NatWest.

Is Triodos a clearing bank? ›

Why do Triodos use RBS/Natwest as their clearing bank in the UK? Historically, smaller challenger banks such as Triodos had no option but to utilise one of the “big four” banks (RBS, Lloyds, HSBC and Barclays) for payment clearing services.

Which is the most ethical UK bank? ›

It's quite clear that Triodos is the most environmentally friendly bank and the most ethical bank currently operating in the UK especially for those looking for a current account. Triodos is very transparent on their website and is open about every business and company they invest in.

Is Triodos Bank reliable? ›

Triodos Bank makes sure your money is invested in ethical and sustainable ways. They uphold high standards of transparency and fund a wide range of innovative social, cultural, and environmental projects.

Is NatWest a clearing bank? ›

NatWest is considered one of the Big Four clearing banks in the UK, and it has a large network of over 960 branches and 3,400 cash machines across Great Britain and offers 24-hour Actionline telephone and online banking services.

How does a clearing bank work? ›

When a buyer pays a seller with a cheque, the seller deposits this cheque into his or bank account. It then takes several days for the cheque to 'clear' and the funds to appear in the account. The same process applies to any financial transaction that takes place between two or more banks or other institutions.

How is the clearing process done? ›

The check will move from the deposit bank to the drawing bank as part of the check clearing process. The process starts when a check is deposited to a bank. The bank will then set about contacting the drawing bank. The check is cleared when the depositing bank has received the check and funds from the drawing bank.

What are the big four clearing banks? ›

About this book. This book is a cutting-edge exploration of the UK commercial banking industry, as reflected primarily in the experience of the four main clearing banks: Barclays, Lloyds, Midland and NatWest. What will the industry look like in the future?

Who are involved in clearing process? ›

Several entities, like clearing corporation, clearing members, custodians, clearing banks, depositories, are involved in the process of clearing.

Who handles check clearing? ›

Forward Paper Check Clearing Services

The Federal Reserve Banks offer item processing, settlement and adjustments services to help manage your check clearing needs. Forward items, including commercial checks, Treasury checks, and Postal Money Orders, can be deposited in a single cash letter.

Can I switch from NatWest to RBS? ›

If you already have a Royal Bank Select, Reward, Reward Silver, Reward Platinum, Premier Select, Premier Reward or Premier Reward Black account with us, and the details of the account elsewhere that you want to switch in, then you can start your switch straight away.

Can RBS customers switch to NatWest? ›

Existing RBS or NatWest customers can already have an existing account with either bank, but they'll need to make sure they close down a current account they hold with any other bank via the Current Account Switching Service.

Is RBS a good bank? ›

The Royal Bank of Scotland has been named the worst current account provider in Britain by the competition watchdog. RBS was ranked as the poorest overall provider based on customer service, overdrafts, branch network and online and web provision. RBS is owned by NatWest Group, which is 48.1pc owned by the Government.

What is the best bank to be with UK? ›

The 5 Best Banks in the UK in 2022
  • The Nationwide Building Society.
  • Halifax.
  • The Co-operative Bank.
  • Santander.
  • Barclays.
  • Alternatives to Traditional Banking.
  • FAQs.

Which bank is RBS linked to? ›

The Royal Bank of Scotland plc (RBS; Scottish Gaelic: Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank.

Which banking system is the best? ›

Top 10 banking software examples
  • Temenos.
  • Finastra.
  • Oracle FLEXCUBE.
  • EBANQ.
  • BankWare.
  • Mambu.
  • CorePlus.
  • FIS Profile.
22 Jul 2022

Are my RBS shares now NatWest? ›

The ordinary and/or preference shares you held in the Group prior to the name change ('RBS shares') continue to exist, however following the legal name change, the RBS shares are now shares in NatWest Group. There is no change to nominal value or structure of your shareholding as a result of the change of name.

Is NatWest Group the same as NatWest bank? ›

The NatWest Holdings segment comprises the retail banking division of the bank: the business operates in the United Kingdom and the Republic of Ireland under the NatWest, Royal Bank of Scotland and Ulster Bank names.

Does RBS own Tesco Bank? ›

Tesco Bank began life in 1997 as Tesco Personal Finance, a joint venture between Tesco plc and Royal Bank of Scotland plc. In 2008, Tesco bought out RBS's share of the business and introduced the new name, Tesco Bank. Today, Tesco Bank is a wholly-owned subsidiary of Tesco.

Can banks see your other bank accounts UK? ›

As long as they're authorised, providers will only be able to access data needed for the service you've signed up to – so if you've asked one to look at your current account with one bank, it wouldn't also be able to look at a credit card you hold with that bank unless you give your express permission.

Which bank uses by your side? ›

The overall sense of movement reflects the constant energy of all different kinds of individuals, while the black horse keeps up with them to represent comfort and support. The closing line clarifies the visual message: “By the side of a nation that never stands still. Lloyds Bank, by your side”.

Which bank is common in UK? ›

The top five largest banks are HSBC Holdings, Lloyds Banking Group, Royal Bank of Scotland Group, Barclays, and Standard Chartered.

What caused the collapse of RBS? ›

The RBS collapse did not come suddenly. It was decades in the making, and was the result of an internal culture that put the sale of questionable financial products ahead of concerns about the risk those products would create.

When did RBS go bust? ›

RBS's failure in October 2008 has imposed large costs on UK citizens. To prevent collapse the government injected £45.5bn of equity capital: that stake is now worth about £20bn. 1 But this loss is only a small part of the cost resulting from the financial crisis.

Is NatWest still owned by the government? ›

On 18 February 2022 NatWest Group announced a £750 million on-market buyback and on 28th March 2022 a further off-market purchase of c. 550 million of our own shares from the UK Government at 220.5 pence per share - a total cost of around £1.2bn.
...
UK Government share ownership:
UK Government
Dec '0858%
Apr '2248%
5 more rows

Do taxpayers still own RBS? ›

Royal Bank of Scotland parent NatWest is no longer majority owned by the taxpayer nearly a decade and a half since the UK government stepped in to rescue the banking giant.

Which bank is fully owned by the government? ›

With the merger with its 5 associates banks, SBI has the largest branches network in India. Punjab National Bank is a banking and financial services bank owned by the Government of India. The bank was established in 1894. PNB bank is merged with OBC Bank and United Bank.

Why did RBS change its name? ›

L) to NWG later on Thursday. RBS first announced plans to change its name in February, part of a push to distance the bank from its financial crisis legacy. It marks the first time RBS has changed its name since founding in 1727. RBS became synonymous with excess and risky dealmaking during the financial crisis.

How long do Triodos payments take? ›

For payments into your account: Internal transfers will usually be received as soon as you submit the payment in internet banking. Faster Payments and Standing Orders usually arrive within one hour of being sent but can take up to one business day.

Is RBS an ethical bank? ›

Of the remaining 'Big Five' banks, RBS ranked best in the Ethical Consumer report's climate change section with no investments in “extreme” fossil fuels last year, down from $307m in 2016.

How is Triodos Bank ethical? ›

As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead, it believes that they reinforce each other in the long-term.

What is the most secure Bank in England? ›

Santander is rated as the safest bank in the UK, with a AA rating from S&P.

Which is the greenest Bank UK? ›

Triodos Bank

Triodos are a certified B-corporation, and one of the world's most sustainable banks. Their transparency is excellent, as they publish details of every organisation they finance on their website, so you can be confident your money isn't funding climate destruction.

What is the best Bank in the UK for customer service? ›

MSE banking customer service poll July 2021
Rank + provider'Great''OK'
1. Starling Bank97%2%
2. Monzo92%5%
3. First Direct85%7%
4. Co-operative Bank (incl Smile)69%18%
11 more rows
23 Jul 2021

Is Triodos Bank covered by FSCS? ›

Eligible deposits with Triodos Bank UK Ltd are protected by the Financial Services Compensation Scheme (FSCS). The FSCS was created to protect up to £85,000 of your money if your financial services provider failed.

Why is Triodos good? ›

Banks use your money to invest in and lend to a range of organisations. So the power to support only those that have a positive impact on the planet and society starts from you and your bank account. With Triodos, your money has a positive impact on people's lives, protects the planet, and builds stronger communities.

Does Triodos use faster payments? ›

You can make a faster payment or CHAPs payment through Internet Banking or the Triodos Mobile Banking App. You'll need to authorise the payment with either your digipass, your username and password or the Triodos Mobile Banking App.

What is the role of a clearing bank? ›

Whether it's in banking or finance, clearing serves an important role. Clearing houses protect both parties in a financial transaction by ensuring that funds are verified, and everything goes according to plan. If any disputes arise, the clearing house steps in to act as a mediator before it's sent to arbitration.

Is Santander UK a clearing bank? ›

It is a member of the Financial Services Compensation Scheme, UK Payments Administration, Bankers' Automated Clearing Services (BACS), the Faster Payments Service, the Clearing House Automated Payment System (CHAPS), the Cheque and Credit Clearing Company, the British Bankers' Association and subscribes to the Lending ...

Is HSBC a clearing bank? ›

HSBC UK Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional high street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking.

Is clear bank a UK bank? ›

As at 31 December 2021, PPF Group held a 44.78% stake in ClearBank. Headquartered in the United Kingdom, the bank is subject to joint regulation by the British authorities responsible for supervising the financial markets: the Prudential Regulation Authority and the Financial Conduct Authority.

How many types of bank clearing are there? ›

Two methods were developed: the Automated Clearing House (ACH) for smaller payments which complete in two business days, and Clearing House Interbank Payments System (CHIPS) for larger value same day payments.

Which bank acts as a clearing house? ›

In the absence of an office of the Reserve Bank, the clearing house is managed by the State Bank of India, its associate banks and in a few cases by public sector banks.

Are Santander and NatWest linked? ›

Santander UK plc ("Santander UK") has today (4th August 2010) reached an agreement to acquire the parts of the banking businesses of the Royal Bank of Scotland Group ("RBS") which are carried out through its RBS branches in England and Wales and its NatWest branches in Scotland.

How long does it take for funds to clear UK? ›

You'll normally need to wait 1 working day after the day you pay the cheque in for it to clear, so if you pay a cheque in on Monday (before 3.30pm) it will usually clear by Tuesday.

How many banks in the UK are clearing? ›

The Cheque and Credit Clearing Company Limited (C&CCC) is a UK membership-based industry body whose 11 members are the UK clearing banks.

Do NatWest Cheques clear same day? ›

The money should be available to you within 2 working days, as long as you submit your cheque before 3:30pm. If you submit your cheque before 3:30pm on a Tuesday, for example, the money should be available to you on Wednesday.

What does cleared bank account mean? ›

Cleared funds mean you have full access to withdraw or use the available money in your bank account for transactions. This practice acts as a safeguard that protects both you and the bank from any unwanted consequences if the payer has insufficient funds or if the deposit doesn't go through for any reason.

How do I open a ClearBank? ›

To apply for ClearBank products, please register below. You'll then be prompted to add your contact details to create a profile. Once your profile is created, a member of our team will be in touch to take you through next steps. We offer our banking and payments products to regulated financial institutions.

What are shadow banks in the UK? ›

Of greater concern was the shadow banking system, the industry of lenders, brokers and other intermediaries that fall outside the realm of traditional regulated banks.

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