Whether you’re new to banking, or have been around the block a few times, you can open a new bank account online in just a few simple steps.
Whether you need to quickly transfer funds, check your balance, or pay bills, you’ll find the online banking process very convenient. Plus, most online banks offer better rates than their brick-and-mortar counterparts. Here are some helpful tips.
How to Open a New Bank Account Online
First, you should provide a valid government-issued photo ID. You will also need to provide a U.K. mailing address and phone number. If you’re under 18, you’ll need to get your parent to sign up as joint owner on the account.
Your parent’s documents must be current – they’ll not accept an expired ID. In addition, make sure you can open the account in your own name, and not the one of another person.
After selecting a bank, you can apply online for most types of accounts. Many online applications ask for basic information, and some require documents when you are opening a new basic bank account.
After completing the application, you’ll receive an email confirming the details and instructions. While most banks will accept applications from anyone over the age of 18, you should keep in mind that your account may not be opened immediately.
In order to avoid delays, you should try to apply as early as possible – some banks require applicants to present their government-issued photo ID and sometimes a second form of ID.
Once you’ve selected a bank that suits your needs, you’ll need to make an initial deposit. This usually means transferring money from your current account, but some banks accept checks, money orders, and cash at a local branch.
Check The New Bank Account Small Print
When signing up online, be sure to read the bank’s policy regarding making deposits and withdrawals. Lastly, make sure to review the terms and conditions carefully, and don’t forget to choose the bank that best meets your needs.
The easiest way to open a new bank account online is to choose the type of account you want. You can open a checking, savings, or money market account.
Check the interest rate and monthly fees. If you plan to open multiple bank accounts, consider opening them all in one session. This will save you time and ensure that you get the best deal.
You can also compare various types of accounts and make your decision based on the type of account you need.
Once you’ve decided on a bank and chosen a name, you’ll need to provide your social security number. Your name should be on your government-issued ID, along with your current address. A utility bill containing your current address may also be required.
Some banks require a minimum deposit, so be sure to check before you apply. While you’re applying for an account online, make sure to provide all the information requested.
You can also choose a national bank if you don’t have a local branch. The HSBC is a global giant that prides itself on offering top-notch personal banking services. In addition to chequeing accounts, this bank offers credit cards, mortgages, and insurance packages.
If you’re an expat, it may be a good choice for you to choose this bank for your new account. You can even find prefilled applications online and save time!
Once you’ve completed the form, you should receive an email from your new bank account provider within a few minutes. The email may contain instructions on how to verify your identity.
To open an account online, you’ll need a government-issued photo ID. Most banks accept ID photos taken by phone, but others require you to send a physical copy of your ID to verify your identity. The process is easy and fast, and the account is usually set up within a few days.
Another thing to remember when applying for new bank account offers is that many financial institutions check your credit. This is to ensure that they aren’t denying you an account simply because you have red flags on your credit report.
A charge-off from another bank can also hurt your chances of opening a new bank account. You should also be aware that most banks will run a check of your credit history report, which tracks your banking history. If you have a history of overdrafts or owing money to another bank, this is one reason you’re being rejected.
The big names in banking are bankers like Halifax Bank, Barclays Bank, Citi Bank, Chase Bank, etc. but the bank account companies we use will open a guaranteed bank account no-matter what your credit is like.
See also foreign currency bank accounts and bank account questions and answers.