For most people, opening a new bank account should be a relatively straightforward process, in the UK it’s no different. Just make sure that you know that the locals call it a current However, if you haven’t been through the process before or you need a refresher, here are the steps you need to follow to open a bank account.
- Choose a bank. Each bank has a range of account options to choose from. Each will have a different set of features and bonuses. You should choose one based on which suits your current financial situation best. You may also want to look into factors such as the customer service reputation of a particular bank and how conveniently its branches are located. Another thing to think about is if they offer competitive savings rates if ever you needed the cash for a rainy day.
- Choose an account type. Do you want a current account, a savings account or a joint bank account?
- Fill in an application form. Many banks allow you to open a current account online, and the process starts by filling in your basic details on an application form. You can also apply by phone or in a branch of the bank.
- Provide some identification. Unless you are a customer of the bank you are applying to, you may need to provide two forms of identification in order to open your account. Valid ID types include passports and driving licences, as well as household bills (to provide proof of address).
- Put some money in your new account. Many banks require you to make an initial deposit in order to officially open your account. In some cases, however, the initial deposit can be as little as £1.
Opening a basic bank account is as simple as that. You should now be able to set up standing orders and arrange for your wages to be paid into your new account.