Are you all set to relocate to the UK? One of the things you’ll need to do is to open a bank account in the UK where you’ll place your funds.
Although you are not legally required to open a bank account simply because you’re moving to the UK, it is important that you do. There is a list of account options for everyone relocating to the UK, whether for work, studies, or residency, including savings, current, and even mobile bank account.
If you’re wondering why you need to open a bank account in the UK, the first benefit is that it’ll make it easy to pay your bills and also receive payments for your services. You’ll also need a bank account and creditworthiness when you want to borrow or get a mortgage.
Types of Bank Accounts you can open in the UK
If you’re set to open a bank account in the UK, here are some types of bank accounts you can open. These accounts have different features and requirements.
Basic account
Basic accounts are available in many banks across the UK. They are often offered to people who have a poor credit history and cannot meet the requirements for a current account.
The basic account affords you several products like direct debit payment and Visa Electron debit cards. However, you can’t get an overdraft, loans, or credit cards.
You can begin with a basic account until you’re able to meet the credit requirements for a current account.
Savings account
Many banks in the UK offer savings account services alongside savings and investment options that you can benefit from when you move to the UK. You often need a minimum deposit to open this account, just as you’ll need to leave some money in the account for a timeframe, depending on the nature of the account.
The benefit of this savings account is that it affords you high interest rates on your savings. Apart from banks, you can also open saving accounts at friendly and building societies.
Current account
A current account is the standard bank account within the UK and that’s what you need to carry out your daily activities like shopping, bill payments, and receiving payments.
You can open current accounts for free, at a small fee, or even at a premium cost. With this account, you’re entitled to a debit card, credit card, and overdraft facility. Even if you’re a student, you can get a current account from most banks.
Other bank account options in the UK
If you want to operate a UK account internationally, several banks in the UK also have accounts you can use while being overseas or within the UK. They include:
Joint bank accounts
If you have a married partner in the UK, you can create a joint bank account with them in the UK and operate it alongside your spouse.
Mobile bank account
Almost all major banks in the UK make their services available through mobile banking apps to help you handle all your account dealings remotely. These banks have these services online as well.
You will even find banks within the UK that operate only mobile bank accounts and online-only accounts as well.
However, these mobile apps and online-only banks have limited account ranges and features. While you might face some restrictions in the things you can do, these banks are cheaper to open and operate.
How to open a mobile bank account in the UK
With Suits Me you can now open a mobile bank account without visiting the bank in the UK in 3 minutes, even without credit checks, proof of address or photo ID.