Opening a bank account online usually takes about 10 minutes – much faster than visiting your bank branch. In today’s fast-paced world, this type of convenience is priceless. Here’s a rundown of what to expect when you open a bank account online. If you already have a current account, there are a number of banks that offer cash incentives for switching online.
Steps to open a bank account online
Follow these steps to open a bank account online.
Shop around to find the best bank account. Factor in the card type, minimum balance requirements, whether you can bank online or via an app, and any fees, including cash withdrawal fees and monthly account fees.
If you open a single account, you’re the sole owner and no one else can access your money. But with a joint bank account, you share ownership with someone else, usually a family member, significant other or business partner. They have equal access to the account and can use the money however they wish.
Click Go to site and a new window will open, sending you to the account provider’s website and a secure online application. You’ll need to provide basic information about yourself such as your name, date of birth, address and National Insurance number. Make sure you have this information on hand before you start the application as the webpage can time out and close if you leave your computer unattended for too long.
After you complete an online application for a bank account, you’ll get an email from the account provider with information about what happens next. This email should come within a minute or two after you submit the application to the bank. It may come with instructions on verifying your identity, or you may need to do that first.
You’ll need to provide a government-issued ID before you’re approved for an account. Most banks will let you take a picture of your ID with your phone, though some will require you to verify your identity in person. If you’re already a customer of the bank, you might be able to skip this step.
Most accounts will require you to make an opening deposit using a debit card or an account and sort code for an existing bank account. But if this is your first bank account and you plan to make an opening deposit in cash, you’ll probably need to sign up for an account at a bank branch.
If the account you signed up for includes a debit card, it’ll arrive in the mail after you’ve been approved – you’ll find out how long it takes to ship in the confirmation email. The debit card and PIN are sent to you separately for security reasons. When you get your card, you need to sign the back and activate it so you can make withdrawals. This is a simple process that can be completed over the phone or online.
Your account is ready to go. You’ll be able to make deposits and withdrawals, as well as use any other features associated with your account. To finish setting everything up:
Set up Internet banking. This lets you manage your money and make payments to other accounts from your phone, computer or tablet. Download the account provider’s app and follow the on-screen instructions to set up your online banking.
Switch your direct debits and automatic payments. If you signed up for a current account, decide whether you want to transfer all of your automatic payments to your new account. If so, you’ll need to sign into your existing accounts and change your bank account information.
It’s easy to 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 need to provide some personal details and upload a photo of your passport or ID card, as well as a selfie, to verify your identity. There’s no monthly fee with the standard plan and you can use the app to track your spending. You can also benefit from airport lounge access and RevPoints.
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
You can download the Monzo app on either iOS or Android and then provide personal details such as your home address, email 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. The whole process should take no longer than 10 minutes and your account will be up and running. The free Monzo account offers fee-free UK bank transfers and fee-free spending abroad. 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,
You can open this everyday bank account from NatWest if you’re over the age of 18 and a UK resident. To get started, fill in the online application form on NatWest’s website, 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
Earn up to £60 cashback annually - ongoing £5 cashback every month with 20 debit card payments per calendar month (excludes cash withdrawals).
It’s easy to open this account from TSB online in just 15 minutes. Simply fill in the online application form, providing 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. 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. In addition, you can put money aside into savings pots and take advantage of an arranged overdraft.
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
The whole process shouldn’t take more than 10 minutes. If you’re at least 18 years old, you can apply for most accounts online. You’ll be provided with a checklist of things you should have with you before you apply. If you’re an existing customer of the bank, make sure you have your relevant customer ID or account number.
Identification
Requiring ID helps banks to protect you from fraud. They need to verify your ID to make sure it’s really you opening the account, and not someone trying to steal your identity.
Personal information
Most accounts allow you to apply for a joint account with one or more people. If you’re applying for a joint account, all account holders will need to provide their personal information, including proof of address and ID.
Deposit
Some institutions will let you open a bank account online with no deposit, but most times you’ll have to put a little money down. Minimum required deposits often increase with a higher interest rate or better features offered.
Pros and cons of opening a bank account online
You can skip the bank queues.
The application forms are easy to use.
It usually takes less than 10 minutes.
You’ll receive your debit card in the post.
You may need to visit a branch to complete the application process if you haven’t built up a credit history yet.
Typically, those under the age of 16 will need a parent or guardian to open the account on their behalf, and this may require a visit to your local branch (though this is not necessary for app-based accounts).
Non-residents can still open accounts at some banks in the UK, but there are extra hurdles to jump through. You may be required to bring your passport as well as your work visa or student ID to a local branch to verify your identity and complete the application process.
Bottom line
The days of spending an hour at the bank to open an account are gone, and you can open a new current or savings account from your computer or phone in minutes. But don’t let the speed and convenience rush you into making a decision. Compare savings accounts or current accounts before getting started to find the one that’s right for you.
Frequently asked questions
You can activate your card online or over the phone. The primary account holder will generally need to activate their card first before additional cardholders can do the same.
Once you’re approved for the account you can register for online banking. In most cases you’ll be able to do this online or via the app, but some banks will require you to call customer service to set up a password.
By default paper statements are sent to you in the mail each month after your account is open. You can choose to get electronic statements instead by calling the provider or by logging on to the online banking facility.
Possibly, but it depends on the bank and whether or not you’re a UK citizen or resident. Call the bank you’re interested in for more information.
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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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