How to open a bank account | Finder UK
Finder UK

Opening a bank account

Here's everything you need to know

What do I need
Avatar
Felix Thompson
Updated
Fact checked

What's in this guide?

  1. What do I need to open a bank account?
  2. What bank accounts can I get?
  3. How can I compare bank accounts?
  4. How to switch bank accounts
  5. How to close a bank account
  6. Frequently asked questions

What do I need to open a bank account?

Opening a high-street bank account is a simple process. You’ll need the following:

  1. Personal details (including full name, nationality, date of birth, contact details, national insurance number)
  2. Proof of identity (like your passport or driving licence)
  3. Proof of address (you can use a recent utility bill, bank statement or council tax bill)

Depending on the bank and the option you’re going for, what you need can differ. For instance, with challenger banks like Monzo all you need is a photo ID and a smartphone.

However, with other banks you may need to go into a branch to finalise the details before you can join.

What bank accounts can I get?

First things first, let’s take a look at the different types of accounts on offer. There are a whole host of options which are designed to suit different customers’ needs.

  • Current accounts. From basic to specialised, these are best for managing your everyday finances.
  • International bank accounts. This type is worth looking at if you’re moving abroad.
  • Student accounts. Aimed at university students, these tend to come with perks and interest free overdrafts.
  • Graduate accounts. Designed to ease graduates into the working world.
  • Savings accounts. These let you set aside money and earn interest.
  • Tax-free savings (ISAs). A savings account that lets you earn a certain amount of interest tax free.
  • Joint accounts. Share an account with a partner, a relative or friends and manage your finances together.

How can I compare bank accounts?

In the above section we’ve given you a breakdown of the different accounts out there. However, these aren’t hard and fast rules. Some current accounts actually pay better interest rates than some savings accounts for example.

Below, we look at a few of the key features to look out for when choosing a bank account.

  • Switch incentives. Some banks offer big cash incentives, or vouchers and deals in an attempt to win you over. If that’s what you’re after, this is a key thing to look out for.
  • Easy to use app. There are a whole host of digital banks that make managing and sending money simple with stylish and practical apps.
  • Interest. Shop around as some current accounts offer better interest rates than savings accounts.
  • Overdrafts. If you’re liable to go into your overdraft make sure to keep costs down by finding an account that won’t give you a big fine.
  • Fees abroad. Challenger banks like Monzo and Revolut typically offer accounts with better exchange fees than traditional institutions.

How to switch bank accounts

There can be some major benefits to switching bank accounts. Often you can get better interest rates by transferring to a different savings account provider.

For anyone looking to change their basic current accounts, the Current Account Switch Service (CASS) will essentially do all the leg work for you. Well, your new bank will at least.

If they’re part of the scheme then they have to close your old account, move your balance and switch your payments.

How to close a bank account

You should be able to close most banks accounts pretty easily and free of charge.

The exception to this rule is fixed-term savings accounts. With some of these you will be charged for early withdrawal, or you may not even be able to access your money at all until the fixed term is ended.

However, generally it’s simply a case of getting in touch with your bank or building society.

If you have an overdraft then you’ll have to settle this before closing the account.

Frequently asked questions

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.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

2 Responses

    Default Gravatar
    LynneMarch 28, 2019

    Is there any UK bank that allows four names on a joint current account?

    Reply
      Avatarfinder Customer Care
      JeniMarch 30, 2019Staff

      Hi Lynne,

      Thank you for getting in touch with Finder.

      Most banks allow only two account holders, but some allow up to four people – which is great for people who share a household like NatWest and Halifax.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
Go to site