Five UK banks do not let AI agents use customer accounts

Five UK banks do not let AI agents use customer accounts, reports tell. The banks are HSBC, Nationwide, NatWest, Barclays and Lloyds. An AI agent is software that does tasks for a user. Some bans stop agents when they move money for a customer without the customer. The bans come before an attack. Lloyds tells that it saw no sign of agents in accounts.

Why banks stop agents

The banks think that an agent could make a incorrect move of money for a customer. No clear rule tells who is liable. The banks also think that many automated moves of accounts could cut profits. If the worst occurs, they could cause damage to the financial system.

The numbers

McKinsey estimates that savers could move 700 billion pounds from accounts with low interest into savings products, on AI advice. A move of 5% to 10% of balances could cut deposit profits of banks by one fifth or more. These are estimates. The reports give no test of an agent in a bank.

What is not known

The UK Financial Conduct Authority works with the industry and other regulators on rules for agents in finance. There is no rule at this time. Manus Costello, CFO of Standard Chartered, tells that such tools must be safe for customers and banks first.

Insight: Banks close the gate to keep deposits with low interest

In October 2026, the US banks Citigroup and Bank of America also stopped agents. Economist Torsten Slok tells that agents can move cash from accounts with 0.1% interest to accounts with 3.3% to 5%. This reads as a standoff: banks close the gate first to keep deposits with low interest, before the rules are written. The UK regulator rule will tell who holds the gate. Agent makers must prepare for refusal by each bank.