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In the UK, opening a bank account is a reasonably simple procedure. The general actions you can take are as follows:
Bank Selection
Choose the bank that best meets your needs after researching several banks. Examine elements including costs, interest rates, and available online banking solutions. Many banks provide several account types, including credit cards, savings accounts, and current accounts. Make sure the bank offers the accounts you require by giving them some thought. Consider the interest rates provided by various banks if you intend to save money in an account and choose a bank with rates that are reasonable. Several banks now provide online and mobile banking services, enabling you to manage your accounts from any location. Look into the digital services that each bank provides.
Verify for Eligibility
Verify that you are eligible before opening an account with a UK bank. Each bank has its own eligibility requirements. The most important parts to consider for verification is your age, identification, address, status, and the credit history.
In the UK, opening a bank account requires that you be at least 18 years old. A parent or guardian must normally sign as a co-signer on an account that some banks may give to children. For identification, A passport, driver’s licence, or national identity card are acceptable forms of identification. A birth certificate or other types of identity may also be accepted by some banks.
For the proof of address, A utility bill, bank statement, or council tax bill are acceptable forms of identification for proving your address. The document must have a three-month old date on it. Regarding the status: If you aren’t a citizen of the UK, you’ll need to show documentation of your immigration, like a visa or residence permit.
Credit history is also an integral part of identification process i.e. To assess your creditworthiness, some institutions may run a credit check on you. You can find it harder to register an account or get certain types of accounts if you have a bad credit history.
Applying for Bank A/C
You can apply online with most banks, but you can also do it by going in person to a branch. Complete the application and attach the needed paperwork.
Online application: You may open an account with several banks online. Usually, you’ll have to provide personal data and upload scans of your ID and proof of address.
Application in person: You can open an account by going in person to a bank branch. A bank representative will assist you with the application procedure if you bring your ID and proof of address.
Phone application: You can apply for an account over the phone with several banks. To confirm your identification, you will normally need to submit personal information and respond to a few security questions.
Mobile application: You can apply for an account immediately from your smartphone or tablet using the mobile apps that some banks offer. To finish the application procedure, download the app and adhere to the directions.
Awaiting Approval:
After reviewing your application, the bank will let you know whether it has been accepted. This may require one week or a few days. Once your application has been accepted, you must activate your account. Typically, this entails making a financial contribution to the account. It’s important to keep in mind that some banks can have different application procedures or demand additional documentation. When selecting a bank, it is always a good idea to do some research and compare the options. Basically, you will receive your ATM within 1 week of opening an account.
What are the Best Banks in the UK for Students?
In the UK, several banks provide student accounts with perks like interest-free overdrafts, cashback, and discounts. Below are the few bank names which are popular among the students.
Santander Bank
The Santander 123 Student Current Account offers an interest-free overdraft of up to £1,500, a free 4-year 16–25 Railcard, and 1.5% AER/gross variable interest on balances up to £2,000 in balance.
Barclays Bank
The Barclays Student Additions Account offers an interest-free overdraft of up to £3,000, a free 3-year Young Persons Coach card or a 12-month membership to the Gourmet Society, and cashback rewards for shopping at specific merchants.
HSBC Bank
The HSBC Student Bank Account provides a £60 Amazon.co.uk Gift Card, a £3,000 interest-free overdraft, and access to HSBC Student Special Offers.
NatWest Bank
The NatWest Student Account provides a free Taste card membership, a £2,000 interest-free overdraft, and access to the NatWest Student Living Index for financial planning.
Lloyds Bank
The Lloyds Bank Student Account offers an interest-free overdraft of up to £1,500, a free NUS Extra card with discounts, and cashback benefits when you shop at specific stores.
Remember that depending on the bank and the account you select, the advantages and conditions may change. It’s wise to do your homework and weigh your options before deciding which is ideal for you.
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