Open Bank Account

The application process when you open a bank account can be daunting, so here’s what to expect. When you open a bank account, you are required to fill in an application form, which will dictate how the bank views your creditworthiness and can be instrumental in the way they treat you. It’s very rare that a bank will turn down your business, but preparing by bringing the correct ID and personal information will make the process smoother. If you’re taking your first steps in finance and about to open a bank account, here’s what you need to know. Most banks offer at least two types of current account. The most basic gets you a safe place to store your cash, plus a cash card to get what’s yours out 24 hours a day. This basic service is usually only offered to people with no credit history- i.e. people opening accounts for the first time or persons on benefits. Otherwise you’ll get the full current account service, which gives you cheque guarantee and debit facilities, plus possibly an overdraft. To get these, you’ll need to tell them that you’re registered to vote at your current address, relatively up to date with any outstanding credit, have evidence of a monthly income, and show home and work phone numbers. You can attest to most of these on the application form, which is an irritation but necessary to fill in. As well as the application form, to open a bank account you’ll also have to prove your identity and address. In fact, if it’s a joint account (opened by more than one person) then everyone’s details need to be proven. You’ll need to bring along to the branch originals of suitable proof of ID, like a passport, pension book or medical record. Once the application is completed, it can take anything from hours to days to get your account up and running. All of these also apply to internet banks too; although you may not have to send off proofs of ID.