5 Simple Steps To Set Up A New Basic Bank Account In The Uk

Irrespective of his profession or occupation, every person residing in UK needs to set up a bank account

. Based on your requirements, you have options to choose from several basic bank accounts. For instance, if you are a student, you can consider setting up a savings account to deposit your money. Similarly, a business owner can set up a current account to facilitate his financial transactions. Most of the commercial banks in UK have their websites. A person interested in setting up a bank account can apply through the bank website or apply by visiting the nearby branch. However, you need to understand the basic procedure to set up a bank account.

1.Determine the Banking Facilities: You have options to choose from several commercial banks. Also, each commercial bank allows customers to choose the account type based on their specific needs. Therefore, you must decide your financial needs, before exploring options to set up the bank account. It is also important to decide, if you need specific facilities like credit cards, overdraft and chequebook. Similarly, you have to choose a bank based on your lifestyle and profession. If your profession requires you to frequently travel within a specific region, you need to choose a bank that has branches across the region.

2.Browse through the Bank Websites: You can browse through the websites of several commercial banks to check the facilities offered by them. Some of the banks offer a higher interest rate in comparison to others. If you are opening a personal savings account, it is important to choose a bank that offers the highest interest rate. Also, you need to understand the structure of charges for various banking transactions. Once you browse through multiple banking websites, it will be easier for you to select a bank offering the best facilities and interest rate.

3.Understand the Required Documentation: A person has to submit specific documentation and information for setting up a bank account. Most of the banks allow customers to fill in customized account opening forms. The account opening form is designed to capture the applicants name, mailing address, date of birth, social security number/ driving license number, and employment details. You also have to submit documents to support your identity and profession. The information about the documentation and information required for setting up a bank account can easily be obtained from its website.

4.Submit the Duly Filled Application Form and Documents: The bank websites often allow people to apply online for setting up a basic bank account. Some websites even offer guaranteed bank accounts to the customers without checking their credit and financial background. At the same time, you also have option to visit the local branch of the bank and submit the duly completed account opening form along with the required documentation. It is also important for an accountholder to thoroughly read and understand the terms and conditions framed by the bank.

5.Deposit Money into Your New Bank Account: Once you account opening application is processed, the bank will provide you with an account number. You can use the basic bank account number can be fund the account, and carry out other financial transaction. The account can be funded by depositing cash, depositing cheques, or by transferring funds from another bank account online. If you are planning to use the basic bank account for salary purposes, you can share the bank account number with your employer and request him to transfer your remunerations into the new bank account.

by: harry12john

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