Digital Banks vs. Incumbents: Who Is Winning the Retail Deposit War — TGB Intelligence Report Q1 2026

TGB Quarterly Thematic Intelligence Report · 26 March 2026

Digital banks are growing deposits far faster than incumbents, but from a small base and at a higher price, while the large UK and European banks added deposits in 2025 and the UK lenders widened their margins on the back of structural hedges.