Gone are the days of making an appointment at your local bank branch to open a new bank account. Thanks to the rise of challenger banks – which has prompted high street providers to keep up – it’s become quick and easy to open a bank account online, and in some cases your account can be up and running the same day.
Of course, banks still need to verify you are who you say you are before you can open an account. But rather than trudging into your local bank branch armed with your passport and latest utility bill, you can often simply take a photo of your ID and a selfie video and send that in from the comfort of your own home.
You can open an account with Revolut in just a few minutes. Download the app from the App Store or Google Play and then enter your phone number and create a 4-digit passcode for your account. Once you've received your code to verify your account, you'll be asked to provide some personal details, such as your name, date of birth, current address, mobile number, and email address. You'll also need to upload a photo of your passport or ID card, as well as a selfie, to verify your identity. There are 5 different Revolut plans to choose from, one of which has no monthly fee.
Pros
Low overseas fees
Quick sign-up
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
To open an account with Monzo, download the Monzo app on either iOS or Android and then provide personal details such as your home address, email address and phone number, as well as what you do for a living. You'll need to take a photo of your ID, such as a passport, and take a video selfie so your identity can be verified. Monzo says this process should take no longer than 10 minutes and your account will then be up and running. There are 4 Monzo plans to choose from, one of which has no monthly fee. Your money will be protected under the Financial Services Compensation Scheme (FSCS).
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
Pros
Easy to set up
Good for budgeting and categorising spending
Automatic saving feature
Fee-free spending abroad
Slick app with face login
Overdrafts and loans available
Cons
Free ATM withdrawals outside the EEA limited to £200,
Earn up to £60 cashback annually - ongoing £5 cashback every month with 20 debit card payments per calendar month (excludes cash withdrawals).
You can open your TSB Spend and Save account in around 15 minutes. You'll need to provide some personal details and contact information, and provide a valid passport or driving licence to confirm your age and identity. You must be at least 18 years old and a UK resident to apply. It's also possible to apply in branch or over the phone, but you'll need to make an appointment first so this will take longer. The account has no monthly fee and you can earn £5 cashback every month you make at least 20 debit card payments, for 6 months.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable. Account fee of £3 per month.
Pros
£100 interest-free overdraft
No charges for using your debit card abroad
Earn £5 cashback a month
Savings Pots and Save the Pennies features to help you save
Easy to apply online or via the app
Cons
A monthly fee
Interest paid on Savings Pots is low
If you exceed £100 interest-free overdraft limit, you’ll pay 39.90% EAR
Need to make at least 20 debit card payments a month to get cashback
To open this account from NatWest, you need to fill in the online application form, providing details about yourself. You will usually need to upload a photo of your ID and a selfie so that your identity can be verified. You may also be asked for proof of address. Once this has been confirmed, your account will be up and running. There's no monthly fee for holding the account and you can apply for an arranged overdraft. The app lets you set up savings goals, receive instant notifications and track your spending. You can also save your spare change through the Round Ups feature.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable.
Pros
No monthly fee
Emergency cash option
Easy to open and manage
Arranged overdraft available
Access to mobile banking app to help you manage your finances
You can open this everyday account from RBS by filling in the online application form, providing details such as your name, address and where you work. You'll also need to provide proof of ID and address - you may be sent an email to help you do this online. Once this is completed, your account will be up and running and you'll receive your debit card in the post. You can then manage your account through digital banking or the app to bank on the go. You may be able to arrange an overdraft on the account.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable.
It only takes 5 to 10 minutes to apply for an account with Starling. Simply download the app from Google Play or the App Store and then provide some personal details and upload a photo of your ID. You'll also need to take a video selfie so your account can be verified. Once this is done, you'll be sent a notification to say your account is up and running, and your debit card should be with you within 5 to 7 days. There's no monthly fee for the account and you'll be able to enjoy fee-free spending abroad, plus instant notifications and categorised spending insights to help you track your spending and budget better
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 15% EAR variable.
A whole host of banks have made it easier and quicker to open your bank account online, making it great for customer choice. All you need to do is compare the other banking features available to see what best matches your requirements and your account could be ready to use on the same day.
Sources
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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