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 for savings accounts, whether you can bank online or via an app, and any fees, including cashpoint withdrawal fees, monthly fees and whether the account waives fees if you make direct deposits.
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 social security 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.
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
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
Linked 'Junior' account available for one child
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fees
£0
Overseas card transactions
0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up 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,
£1 fee for depositing cash at PayPoints,
Maximum cash deposit of £1,000 every 6 months
No rewards program
Minimum opening balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
0%
Overseas cash withdrawals
0% conversion fee plus cash fee of 0% on up to £400 per 30 days (3% thereafter)
Free 24/7 Emergency Cash Service to withdraw up to £250 for online and telephone banking customers or £60 if not.
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 £5 cashback a month for six months when making 20 or more debit card payments each month.
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.
Pros
Earn cashback as you spend
Competitive Monthly Saver
Save the Pennies feature
Overdraft available
Cons
Cashback on Save and Spend account expires after six months
Interest charged on overdrafts
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
Europe: 2.99% Elsewhere: 2.99% plus flat fee of £1
Receive 1% cashback on everyday purchases capped at £15.
You can open the free Chase current account by downloading the app from Google Play or the App Store. You’ll need to provide a few personal details and upload a photo of your ID such as a passport, UK driving licence or EU national ID card. You’ll then need to take a selfie video so your ID can be verified. You must be at least 18 years old and a UK resident. Benefits of the account include earning cashback on your purchases for the first year, fee-free spending abroad and access to a linked savings account. Your money will also be protected under the FSCS.
To open an account with Kroo, download the app from Google Play or the App Store. You’ll need a mobile number, an email address, and a valid form of ID, such as a passport or driving licence. You’ll need to be at least 18 years old and a UK resident to qualify and you’ll need to provide details such as your name, address and contact details. Once your account is up and running, there are no monthly fees and you can earn interest on your balance. Further benefits include fee-free spending abroad and an optional overdraft. You can also track your spending with ease.
You can open an account with Starling in around 5 minutes. 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 and your account will be up and running. There’s no monthly fee for the account and you'll be able to take advantage of fee-free spending abroad, plus instant notifications and categorised spending insights to help you track your spending and budget better.
Pros
Free ATM withdrawals and spending anywhere abroad
Can deposit both cash and cheques for free
Spending insights and saving tools
'Settle up' feature to split joint bills
Pays interest on current account balance
Overdrafts and loans available
Cons
Lower ATM withdrawal limit than some other digital challengers
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.
Anyone under the age of 18 can’t open a bank account without a parent or legal guardian co-signing on the account. Most banks require you to visit a local branch to set up this type of account.
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.
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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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. See full bio
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