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.
Eligibility requirements
To open an account online, you’ll generally need to:
- Be a UK resident with proof of a UK address
- Be at least 18 years old – some banks will let minors open an account with a guardian
- Be able to provide a government-issued ID
Read up on what are the requirements to open a bank account
What do I need to open a bank account online?
Personal information
Deposit
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
More guides on Finder
-
Cheddar finance app review: The new cashback kings?
We explore Cheddar’s free-to-join finance app and its range of cashback incentives at popular retailers.
-
What are the disadvantages of using a debit card abroad?
If you’re worried about the disadvantages of using your card abroad, this guide breaks down the pros and cons.
-
Best refer-a-friend offers when moving banks and other deals
Discover which banks have welcome offers, rewards or refer a friend deals available.
-
Virgin Money Club M current account review
Discover what the Virgin Money Club M current account has to offer.
-
The Co-operative Bank Everyday Extra current account review
Find out more about The Co-operative Bank Everyday Extra current account and how it works.
-
Monzo bank account and card review: 4.6/5
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.
-
TSB Spend & Save Plus current account review
Discover what the TSB Spend & Save Plus current account has to offer in our review.
-
Best current accounts & debit cards with cashback in the UK 2024
Learn how current accounts with cashback work, whether they’re right for you and how to find the best current account.
-
Revolut invite & promo code offers for September 2024
New to Revolut? Check out what it offers and see if you can save more with our discount codes and deals.
-
Revolut review: The digital banking app popular with travellers
Is Revolut’s app-only account the solution for you? Our review of this challenger banking brand explores the features and fees of its free Standard plan, and outlines the other Revolut accounts available.