Meaning of the word "retail bank" in English

What does "retail bank" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

retail bank

US /ˈriːteɪl bæŋk/
UK /ˈriːteɪl bæŋk/
"retail bank" picture

Noun

1.

a bank that provides financial services to individual consumers rather than to companies or other banks

Example:
Most people use a retail bank for their everyday financial needs.
Services offered by a retail bank include checking accounts, savings accounts, and personal loans.
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