Requirements for Opening a Bank Account in the UK in 2023

The UK is considered a global financial centre. The UK’s financial services sector consists of private UK banks, international banks, and public lenders such as building societies and credit unions. There are currently 344 banks in the UK, with the government-owned Bank of England as the country’s central bank. The banking sector in the UK is regulated by the Financial Conduct Authority.

When you have just arrived in the UK, are planning to move soon, or come to the country for university, work or to start a business, you will need to open a bank account in the UK. When applying to open a bank account in the UK, an address in the UK is required unless you already have a bank account with an international provider that covers the UK.

UK banks usually require an application form to be filled out and a credit check to be passed if a simple account is not being opened. Each bank in the UK has its own list of documents required to open an account. In order to open an account in the UK, identity and address verification is required.

Which Are the Biggest UK Banks?

The largest UK banks are listed below.

Barclays : With over 1,500 branches across the UK, Barclays is also one of the banks that provides the most convenience for those new to the UK. You can even apply to Barclays online before you arrive in the UK. Barclays has special accounts for students and businesses.
Lloyds : Lloyds bank, which has around 1,100 branches across the UK, makes it easy to open an account even if you are new to the country. Lloydsbank, which has a special account type called “new to the UK”, also has a special account type for students.
HSBC : With over 1,100 branches in England and Wales, HSBC has further branches in Scotland and Northern Ireland. HSBC operates in around 64 countries worldwide. If you have an HSBC account in your country of residence, the bank offers the opportunity to open an account before you come to the UK.
NatWest Group : NatWest Group has over 960 branches. NatWest Group bank has a free account app that comes with a contactless visa debit card as standard. Natwest Group has special accounts for students and businesses.

What are the UK banks online?

Online UK banks are banks that have online and mobile-only bank accounts for UK customers.

Online UK banks tend to have a more limited range of bank accounts, products and services than the big banks. Online banks with more flexible and convenient options include UK banks such as Monzo, Revolut, Starling, Bank, LeoPay and Monese.

What are the UK Bank Account Types?

UK bank account types are listed below.

Current deposit accounts: A current deposit account type helps the account holder manage their money on a daily basis. With a current deposit account, bills can be paid, salaries or benefits can be received, and money can be tracked. Some current deposit accounts can earn interest on the money in the account, even if it is less than other savings accounts.
Savings accounts : Savings accounts at UK banks can be used to set aside money for future use, emergencies or large purchases. Savings accounts pay interest on the money in the account.
Basic bank accounts : Basic bank accounts are types of accounts that allow you to open an account even if you have a low credit score, low income, or if your current card limit has been exceeded. A basic bank account can be opened from a bank or building societies.
Joint accounts : These are accounts that can be used by people who share expenses or earnings. For example, a joint account can be opened with people you live with, a spouse or a partner, in order to share household expenses.

Can Foreign Nationals Open a Bank Account in the UK?

Yes, foreign nationals can open a bank account in the UK. Foreign nationals who go to the UK for purposes such as working, studying or starting a business can open an account in a British bank in the UK that suits their needs.

How to Open a Bank Account in the UK?

The steps to follow to open a bank account in the UK are listed below.

Documents such as passport (if there is more than one, you can choose the one for a longer stay or having a Tax Identification Number), biometric residence permit, a letter from a trusted person or workplace, proof of accommodation or a rental agreement must be ready.
Many banks in the UK make appointments so that the situation can be explained physically and the person who will open an account can choose the appropriate bank account for them. The person who will open a bank account must be at the UK bank of their choice at the appointment time with the necessary documents.
At the end of the meeting with the bank chosen to open an account in the UK at the appointment time, the account is opened and ready for use.
A few days after the account is opened, the debit card reaches the person to whom the account is opened.

How to Open a Bank Account in the UK for Business Owners?

UK bank accounts for company owners, business accounts can be set up through all major banks when setting up a business in the UK. Freelancers and sole proprietors must provide passports/ID for all partners to prove their business address as well as their personal address.

Limited companies are required to provide a UK Companies House registration number, along with their business address and identification details, and provide details of all directors and their estimated annual turnover. Anyone involved in the running of a business in the UK will also usually be required to undergo a credit check. Most UK banks offer business banking to business managers or employees involved in the running of the business. A meeting is usually held to discuss the purpose of the business and the expectations of the bank account to be opened.

How to Open a Bank Account in the UK for Students?

A bank account in the UK for students is obtained by presenting a student visa, student ID and a letter of acceptance from the university. In order to open a student bank account in the UK, in some cases a document showing the account status from the bank in the country of residence is requested. Many banks in the UK accept a letter from the university admissions office confirming the address.

For those who have a student visa and want to work as a student in the UK while studying, opening a student bank account in the UK is important so that they can receive their salaries from the institution they work for.

What are the documents required to open an account in the UK?

The documents required to open an account in the UK are listed below.

Passport/valid photo ID
Current electricity, natural gas or water bill (not older than 3 months) or municipality tax bill
Latest bank or credit card status
Proof of being a student in the UK (if applying for a student account)
Proof of employment (if an employed person is applying)

How Much Does It Cost to Open a Bank Account in the UK?

The cost of opening a bank account in the UK varies according to the service policy of the banks. While there are generally no monthly fees in UK banks, there may be exchange opportunities and some additions within the service range for certain services.

How Many Days Does It Take to Open a UK Bank Account?

UK bank account is opened within 1-2 days.

Is it possible to open an online bank account in the UK?

Yes, it is possible to open an online bank account in the UK. Many banks in the UK allow you to open an online bank account via a smartphone. When opening an online account with a UK bank, you will need to provide some documents such as a passport or proof of address through online scanning.

In the UK, only banks that offer online or mobile services allow opening an account, provided an email address, telephone number and valid ID are provided.

Is it possible to open a bank account without going to the UK?

Yes, it is possible to open a bank account without travelling to the UK. Some UK banks, such as Barclays and HSCB, offer an international account service that can be opened from abroad before moving to the country. The process for opening a bank account outside the UK varies from bank to bank.

If the applicant is in the UK, the account opening process may take 10-15 days longer depending on the account to be opened. It is possible to open a bank account online from outside the UK.

The documents required to open a bank account in the UK are passport/ID, address and proof of income. Some overseas accounts in UK banks may require a minimum monthly deposit. If a person wants to open a bank account outside the UK lives in a non-EU/EFTA country, other information such as visa information must be provided.

Which UK Banks Are Most Suitable for Non-Residence Citizens?

The most suitable UK banks for those without a residence permit are those that do not require address information, such as Monzo and Monese. In order to open a bank account in the UK, proof of address is required, but it can be difficult to prove an address if you do not have a residence permit. Opening an account with a bank in the UK that does not require proof of address is the most suitable way for those without a residence permit.

Is it necessary for those establishing a company in the UK to open a bank account?

In the UK, it is essential for those who set up a company to open a bank account if they are running a limited company. In the UK, it is legally required for people who own a company to have a business account in order to keep their business transactions separate from their personal accounts. In the UK, it is also necessary to open a separate account for the business if you own a limited partnership company, as the owner of the company and the business owned by the person have different legal entities.

If you have a sole proprietorship in the UK, you do not need a separate bank account to establish a company in the UK .