With major banks investing heavily in their websites and apps, applying for a bank account can be done in as little as 15 minutes. While some approvals are instantaneous, others may take a few days if forms need to be verified by staff. And if a debit card's making its way to you in the post, that could take a week too.
Factors Affecting Account Opening Time
Most applications are relatively straightforward, but certain factors can cause delays. Younger consumers may need a parent or guardian to fill out forms on their behalf — and in particular cases, background checks could be required.
Types of Accounts
Here's a breakdown of the most popular types of bank account:
- Savings account: The interest rates you'll receive will depend on whether you're willing to lock away your savings for a few years — or would like the freedom to access cash at short notice.
- Checking account (or current account): This covers your day-to-day spending — ranging from household bills to groceries. Establishing Direct Debits and standing orders can end up being a little time consuming.
- Joint account: If you want to pool funds together with a housemate or spouse, joint accounts mean you can both pay in and manage expenses together.
- Business account: Sole traders, entrepreneurs and company directors can also establish banking arrangements for their business — meaning turnover and expenditure are kept separate.
Bank Procedures and Policies
The vast majority of applications are straightforward, but financial institutions do have regulations they need to follow.
This includes verifying the identities of their customers, and performing a risk assessment. Banks are legally obliged to prevent fraud and ensure funds aren't being used for money laundering or the financing of terrorism.
Customer Eligibility and Credit Checks
When applying for a current account, your bank may perform a credit check — especially if you've requested an overdraft facility. However, basic accounts are also available for those with poor ratings, offering essential services including cash withdrawals and deposits.
In certain circumstances, you may also need to have a minimum balance in your account at all times, or pay in a regular amount every month.
How Long Does It Take to Get a Debit Card?
Once an application is approved, most banks will send you a debit card and PIN code separately in the post. This typically takes between three and seven business days — excluding weekends and public holidays. Make sure you contact the customer service team for an update if you haven't received anything after about 10 working days.
Some modern challenger banks, which only operate online and don't have in-person branches, will allow you to start using a virtual debit card straight away. That means you'll be able to start buying things online without delay, and make contactless purchases through mobile tools like Apple Pay.
How to Open a Bank Account
Here's how to open a bank account in the UK in four simple steps.
1. Research Different Banks
Bank accounts are a vital part of our lives — and touch everything we do. Because of that, it's worth taking a little time to compare what's on the market. Key questions to ask yourself include:
- Does this bank have the type of account I need?
- Will there be any fees that need to be paid, such as for ATM withdrawals?
- Which bank has the best cashback offer for new customers?
- Are physical branches important to you?
- Does their website and mobile app have good reviews?
- Does the bank provide other services such as mortgages and loans?
- Are the interest rates on offer for savings competitive?
- Are there account extras such as insurance?
2. Gather Required Documentation
To make the application process as slick as possible, here's a rundown of what you'll need:
- Personal details: Your name, contact information, current and past addresses
- Photo ID: A passport or a driving licence will be fine
- Information about your finances: You may be asked about your annual income and employment status, as well as your monthly outgoings
3. Complete the Application
The application forms provided by banks are easy to understand — and customer support teams will be on hand with any assistance you might need.
4. Await Bank Approval
Once completed, the ball is in the bank's court. You'll be notified as soon as the application is successful, or if further information is required.
Steps to Take Before Opening a Bank Account
One worthwhile thing to do before beginning an application for a current or checking account is to view your credit score. There are several websites where you can do this for free.
Simple ways of improving your rating include making sure you're on the electoral register, and verifying that the information in your file is correct and up to date.
What Documents Do I Need to Open a Bank Account?
The paperwork required to open a bank account is pretty consistent across all providers, and includes:
- ID: A passport or full driving licence is needed — or a birth certificate if the person applying is under the age of 18
- Proof of address: A utility bill or council tax letter from the past three months will do the trick. Tenancy agreements and letters from HMRC are also acceptable
- Proof of income: In some scenarios, you might be asked to provide payslips from your current provider, bank statements if available, or your self-assessment tax return
- National Insurance number: This isn't always requested by banks, but it's always handy to have it to hand just in case
How to Speed Up the Account Opening Process
To ensure your checking account application goes without a hitch, bear these top tips in mind:
1. Be Prepared
Get all of your paperwork ready, and verify that you fully meet the eligibility requirements for the bank account you're requesting. Don't miss out any sections of the application form.
2. Avoid Common Mistakes
Incorrect documentation, misspelling your name or providing the wrong address can all lead to an application being rejected — meaning you'll have to start from square one.
Also, don't forget to read the terms and conditions in detail. This will include crucial details about what your account can't be used for, and a breakdown of fees and charges.
3. Pick the Right Bank
Just like you'd shop around for a new pair of shoes, it's important to compare deals before you open an online bank account.
If you're going to be completing an application in person at a bank branch, it's worth scheduling an appointment well in advance.
Online vs In-Branch Opening Times
The main benefit of filling out forms online is that you'll be able to apply 24/7 and whenever suits you.
Branches are only open during business hours, and few offer appointments at evenings and weekends. This can make it difficult to apply in person if you've got a 9-to-5 job.
However, if you've got questions during the application — or need assistance when completing the paperwork — asking for an in-person meeting could prove beneficial.
Actions to Take If You're Unable to Open a Bank Account
If you've been told your application is unsuccessful, the bank should explain the reasons why. However, you do have options available to you, which include:
- Improving your credit rating
- Getting up-to-date photo ID
- Applying for an account with no income requirements
- Requesting a basic bank account instead
- Using prepaid debit cards
There are financial institutions that specifically offer support to low-income families, consumers with bad credit scores, and those who have previously filed for bankruptcy.
Frequently Asked Questions
Can I Open A Bank Account in One Day?
If you're applying online, the answer is probably yes. Many banks now offer automated services that verify your identity — meaning you'll just be a selfie away from getting accepted. In some cases, you might need to wait a few days before getting your debit card or online login details.
How Long Does It Take for a Business Account to Be Opened?
Some banks take pride in offering same-day openings for their business customers. But in other cases, verifying the paperwork provided during the application can take several days.
What is the Best Age to Open a Bank Account?
Many banks offer dedicated bank accounts for children — potentially from the age of 11. They come with added protections, meaning cards can only be used for specific purposes.
The length of time someone has a bank account is a key factor in forming a credit score, so establishing long-lasting relationships with financial institutions can be advantageous.
Can I Open a Bank Account Without Visiting a Branch?
Yes — documents can now be submitted and verified electronically.
What Documents Do I Need to Open a Bank Account?
Valid photo identification that hasn't expired, such as a passport or driving licence, are crucial. You'll also need proof of your home address.
