No matter if you’re new to the UK or an established resident, having a bank account can make life simpler. Not only can it be used for paying utility bills and mortgage payments, but it also helps manage money safely and securely.
Barclays, Lloyds, HSBC and Natwest are the four largest UK banks, each offering a range of options for current accounts. Some offer basic accounts without monthly fee while others provide premium accounts with extra features.
Basic bank account
If you are moving to the UK or don’t have a current account yet, opening a basic bank account online can be easier than other types of accounts and won’t incur any fees.
Banks and building societies that offer basic bank accounts, such as Barclays and HSBC, also provide other financial services and products like savings accounts and international banking.
They offer a Current Account Switch Guarantee, allowing you to switch banks within seven days with ease and no hassle. All payments will be automatically transferred over during the transfer process.
Prepaid cards can be used instead of debit cards to make purchases without needing to load money onto the card first. They’re more cost-effective than debit cards and accepted worldwide by merchants that accept them.
Bank accounts in the UK can be opened with a variety of banks, such as Lloyds, Barclays and HSBC. Each offers services tailored to individual circumstances, preferences and needs.
Opening a current account can be done either online or in person at your nearest branch. Typically, two forms of identification such as your passport/identity card and proof of address will be required.
In some cases, mobile banking apps can also be used to open a current account. These are becoming increasingly popular and offer convenient remote management of finances.
Opening a current account in the UK isn’t particularly difficult, but it does require some personal information. Most importantly, you must demonstrate that you have permanent residence within the UK.
Maintaining an international bank account can be a great way to protect your finances when traveling, studying or moving abroad. They also offer advantages like lower transaction fees and favorable exchange rates.
However, opening an international account online can be challenging if you aren’t physically present in the country where it will be used. In some instances, you may need to travel there and present documentation for verification purposes.
Why not consider opening an international account through a digital provider who specializes in remote account opening? These providers may be ideal for those who cannot reach bank branches abroad to open an international account.
Business accounts enable you to keep all of your business finances separate from personal ones, giving you greater control over spending and more opportunities with money. They help protect against money-laundering between personal and business accounts by keeping business funds out of personal accounts.
When selecting a business account, there are various sizes to choose from with various limits and charges depending on your size. Some accounts cater specifically to startups while others serve growing and established firms alike.
Certain banks make opening a business account online relatively effortless, while others require you to visit an actual branch for completion. The process can range from minutes to weeks, so be sure to factor this into your overall plan.
Selecting the ideal bank is a critical decision for the success of your business. To make an informed decision, thoroughly research fees and features before making your final choice.