Bank accounts for individuals

What is a checking bank account?

A chequing bank account in the UK is commonly referred to as a 'current account'. The main purpose of such an account is to meet everyday banking needs.

Characterizing a checking bank account, it is worth considering the following features and functions:

1. Debit card. The bank client receives it after opening a checking account, with the help of the card you can withdraw cash from the account, pay for goods and services
2. Direct Debits and Standing Orders: checking account holders can use the service to set up automatic bill payments and regular payments.
3. Overdraft. Most banks offer an overdraft service within the account. This means that a checking account holder can withdraw more money than is in their account. However, this is possible within the agreed limit.
4. Online and mobile banking will help you manage your account, make various payments, and pay for utilities online without leaving your home
5. Checks are losing some of their popularity, but checking account holders can write checks for payments.

Thus, a current account is a popular service offered by almost all banks. Such accounts are characterized by a minimal or no monthly service fee on the account. So on this page, you can compare bank offers and find a free checking account.

You can also place free funds on a savings account.

Calculate your future income on a savings account (example): 

What do you need to open a bank account?

Opening a bank account is a fairly simple service that does not require specific actions. To open a basic bank account, you need to prepare the following list of documents:

1. Identity card: you can provide the bank with any valid identity document. It can be not only a passport but also a driver's license or a national identity card.
2. Address confirmation. To confirm your residential address, you can provide the bank with your latest utility bill, bank statement, council tax bill, or tenancy agreement. It is important to note that such a document cannot be old, preferably within the last three months.
3. Application form. To open an account, you must first fill out an application, a specially established form. You can do this online on the bank's website or at the nearest branch.
4. Initial deposit. Not all, but some banks require an initial deposit to the account

What types of accounts can I open in the UK?

There are several types of bank accounts for individuals in the UK. They are designed specifically to meet a variety of financial needs and situations. Therefore, everyone can choose an account that best meets their needs among various programs.

So, the list of the main types of bank accounts that can be opened in banks:

1. Current account
2. Savings account
3. Bank checking accounts
4. Student account
5. Basic bank account
6. Graduate account
7. Joint account
8. Main bank account
9. Account for Paypal
10. Guaranteed interest accounts
11. Packaged bank accounts
12. Prepaid bank accounts
13. Switch current account

We suggest you analyze the conditions for opening and maintaining accounts in various banks and only then submit an application.

Are packaged bank accounts a good idea in the UK?

Packaged bank accounts in the UK can be a good idea, but whether they are worth it depends on your personal circumstances, needs, and how likely you are to use the additional benefits they offer.

What Is a Packaged Bank Account?

A packaged bank account is a type of current account that comes with a monthly fee but includes various benefits or "perks" such as insurance (travel, mobile phone, breakdown cover), preferential rates on loans or overdrafts, and exclusive offers.

Benefits of Packaged Bank Accounts:

• Travel Insurance. Often includes worldwide coverage for you and your family, which can save you money if you travel frequently.
• Mobile Phone Insurance. Covers the cost of repairs or replacement if your phone is lost, stolen, or damaged.
• Breakdown Cover. Provides roadside assistance for your vehicle, which can be beneficial if you drive regularly.
• Interest and Cashback. Some accounts offer interest on your balance or cashback on certain purchases.
• Preferential Rates. You may get better rates on loans, overdrafts, or mortgages compared to standard accounts.
• Fee-Free Overdraft. Some accounts include a buffer on overdraft charges, which could save money if you occasionally go overdrawn.

The main drawback is the monthly fee, which can range from £10 to £30 or more. You need to ensure that the benefits you use outweigh the cost of the fee.

If you don’t use the included benefits, you may be paying for services you don’t need. For example, if you already have travel insurance through another source, the account’s travel insurance might be redundant.

Some benefits, like travel insurance, may have age limits or other conditions that could limit their usefulness to you.

How do I switch a current account in the UK?

Switching a current account in the UK is a straightforward process, thanks to the Current Account Switch Service (CASS). This service is designed to make switching your current account to a new bank or building society easy, fast, and free.

First, compare different current accounts based on factors like interest rates, fees, overdraft limits, and customer service. Many banks offer incentives such as cash bonuses, better interest rates, or rewards for switching to their accounts. Ensure you meet the eligibility criteria for the new account, which might include a minimum monthly income or credit check.

You can usually apply for a new current account online through the bank’s website or in person at a branch. You’ll need to provide proof of identity (e.g., passport or driving license) and proof of address (e.g., utility bill or bank statement).

If the new bank is part of the Current Account Switch Guarantee, they will offer this service to transfer your old account to the new one. You can choose a switch date that is at least 7 working days from the application date. Provide your new bank with the details of your old account, and they’ll handle the switch for you.

CASS will transfer all your direct debits, standing orders, and scheduled payments to your new account. Any payments made to your old account will automatically be redirected to your new account for 3 years.

Your old account will be closed as part of the switching process. Any remaining balance will be transferred to your new account. Ensure there are no pending transactions that might affect the switch.

Your new bank will keep you informed throughout the switch process. After the switch is complete, check your new account to ensure all direct debits and standing orders are correctly set up.

Familiarize yourself with the features of your new current account, such as online banking, mobile apps, and rewards programs. If you received a bonus or other incentives for switching, make sure to fulfill any requirements to claim them.

How do I apply for the Paypal account?

Applying for a PayPal account in the UK is a simple process that can be done online in just a few steps.

Go to the PayPal UK website: www.paypal.com/uk. On the homepage, click on the “Sign Up” button. You’ll be asked whether you want to create a Personal or Business account. Choose Personal Account unless you need a business account for selling goods or services.

Enter Your Email Address. This will be your login ID for PayPal.
Create a Password: Make sure it’s strong and secure.

Fill Out Your Personal Information. This includes your first and last name, address, phone number, and date of birth.

Link a Bank Account. This allows you to transfer money to and from your PayPal account. You’ll need to enter your bank details, including the sort code and account number.

Link a Debit or Credit Card. This lets you pay for items directly through PayPal without needing a balance in your PayPal account. Enter your card details as prompted.

Verify Your Email Address. After signing up, PayPal will send a confirmation email to the address you provided. Open the email and click on the link to verify your email address.

Verify Your Bank Account. If you linked a bank account, PayPal may ask you to verify it. They will make two small deposits (a few pence) into your bank account.

Check Your Bank Statement. Note the exact amounts of these deposits. Enter the Amounts in PayPal. Log in to your PayPal account, find the verification section, and enter the deposit amounts to confirm your bank account.

Set Up Two-Factor Authentication (2FA). For added security, enable 2FA, which will require a code sent to your phone whenever you log in.

You may be prompted to set up security questions in case you forget your password. Once your account is set up and verified, you can start using it to send or receive money, shop online, and link to various services.

See the similar FAQ about the UK banks: 

• How do I open a business account in Metro Bank online?
• How many times may a failed HSBC secure key be entered before it is locked
• How much does bankers draft cost in HSBC?
• How to open a bank account in Lloyds?
• How to open a business bank account with Lloyds?
• Lloyds business banking app

Details of companies offering the financial services:

Bank of Scotland

Head office’s address: The Mound, Edinburgh EH1 1YZ

Phone: +44 (034) 5721 31 41

Web-site: http://www.bankofscotland.co.uk/

Swift code: BOFSGB31

Reference number: 169628

Stock code: 0076540

ABN: SC327000

BSB: BOFS

Barclays Bank

Head office’s address: 1 Churchill Place, London E14 5HP

Contact center: 0800-400-100

Phone: +44 (034) 5734 53 45

Web-site: http://www.barclays.co.uk/

Swift code: BARCGB33

Reference number: 122702

Stock code: BARC

ABN: 01026167

BSB: BARC

Chase

Head office’s address: 4 Lombard St, London EC3V 9AA

Contact center: 0800 376 3333

Phone: +44 203 493 0829

Web-site: https://www.chase.co.uk/gb/en/

First Direct

Head office’s address: 40 Wakefield Road, Leeds LS98 1FD

Contact center: +44-345-610-0100

Web-site: https://www.firstdirect.com/

Halifax

Head office’s address: The Mound, Edinburgh EH1 1YZ

Contact center: 0345-720-3040

Phone: +44 (011) 3242 19 84

Web-site: http://www.halifax.co.uk/

Stock code: HALP

HSBC Bank

Head office’s address: Unit 8, Canada Square, Retail, London E14 5AH

Phone: +44 345 740 4404

Web-site: https://www.hsbc.co.uk/

Swift code: HBUKGB4B

Reference number: 114216

Stock code: HSBA

ABN: 00014259

BSB: HBUK

Kroo Bank

Head office’s address: Labs House, 15-19 Bloomsbury Way, London

Web-site: https://www.kroo.com/

Lloyds Bank

Head office’s address: 25 Gresham Street, London EC2V 7HN

Contact center: 0345-300-0000

Web-site: https://www.lloydsbank.com/

Swift code: LBGTGB22

Reference number: 119278

Stock code: LLOY

ABN: 00002065

BSB: LBGT

Metro Bank

Head office’s address: One Southampton Row, London, WC1B 5HA

Phone: +44 (034) 5080 85 00

Web-site: https://www.metrobankonline.co.uk/

Swift code: MYMBGB2L

Reference number: 488982

Stock code: MTRO

ABN: 06419578

BSB: MYMB

Monzo Bank

Head office’s address: Broadwalk House, 5 Appold St, London EC2A 2AG

Contact center: 0800 802 1281

Phone: +44 20 3872-0620

Web-site: https://monzo.com/

Nationwide

Head office’s address: Nationwide House Pipers Way

Contact center: 0800-30-20-15

Phone: +44 (034) 5730 20 15

Web-site: http://www.nationwide.co.uk

Swift code: NBSMGB22

Reference number: 106078

Stock code: NBS

ABN: 355B

BSB: NBSM

NatWest Bank

Head office’s address: 250 Bishopsgate, London, EC2M 4AA

Contact center: 0800-88-11-77

Phone: +44 345 788 8444

Web-site: https://www.natwest.com/

Swift code: NWBKGB2

Reference number: 121878

Stock code: GBP1

ABN: 00929027

BSB: NWBK

Post Office

Head office’s address: 12 Eastcheap, London. EC3M 1AJ

Contact center: +44 345 722 3344

Web-site: http://www.postoffice.co.uk

Revolut UK

Head office’s address: London

Web-site: https://www.revolut.com/

Santander

Head office’s address: 2 Triton Square, Regent's Place, London, NW1 3AN

Contact center: 0800-389-7000

Web-site: http://www.santander.co.uk/

Swift code: ABBYGB3E

Reference number: 106054

ABN: 02294747

BSB: ABBY

Starling Bank

Head office’s address: 5th Floor, London Fruit And Wool Exchange, 1 Duval Square, London, E1 6PW.

Phone: +44 20 7930 4450

Web-site: https://www.starlingbank.com/

Swift code: SRLGGB3L

Reference number: 730166

Stock code: STERLNB

ABN: 09092149

BSB: SRLG

The Co-operative Bank plc

Head office’s address: 1 Balloon Street, Manchester M60 4EP

Contact center: 159

Phone: +44 (034) 5721 22 12

Web-site: http://www.co-operativebank.co.uk/

Reference number: 121885

ABN: 00990937

TSB

Head office’s address: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH

Phone: +44 (034) 5975 87 58

Web-site: http://www.tsb.co.uk

Swift code: TSBSGB2A

Reference number: 119278

Stock code: 94AQ

ABN: SC095237

BSB: TSBS