How to open a High Street bank account
How to open a High Street bank account
High street banks are the traditional, large banks that have a significant presence across the UK, with branches in most towns and cities. Examples include Barclays, HSBC, Lloyds, and NatWest. These banks offer a wide range of financial services, from current and savings accounts to loans and credit cards.
Do you need a high street bank account?
Many people in the UK no longer open high street bank accounts at all – especially since some of the online banks like Monzo got full banking licences and protection. However, it’s still worth considering traditional banks for the following reasons:
Accessibility and convenience: With branches and ATMs widely available, accessing your money, depositing cash or speaking to a banking advisor in person is much easier.
Full range of services: High street banks typically offer a comprehensive suite of financial products, making it easier to manage all your finances in one place – be it your savings, investments, loans or mortgages.
Reputation and security: Established for many years, these banks have built a strong reputation and offer higher levels of security for your money.
While high street banks offer many benefits, there are some considerations to keep in mind:
Requirements: Opening an account can require more documentation, which might be challenging to gather immediately upon arriving in the UK.
Fees: Some accounts might have monthly fees or charges for certain transactions. It’s essential to understand these to avoid unexpected costs.
Alternatives: Digital banks and financial technology (fintech) companies offer competitive services, often with lower fees and innovative features such as more advanced, intuitive mobile apps.
Deciding whether to open an account with a high street bank depends on your personal and financial situation. If you value in-person banking, need a wide range of financial products, and can meet the account opening requirements, a high street bank might be the right choice for you. However, if you prefer online banking, are looking for lower fees, and need a simpler account opening process, exploring digital banks and fintech options could be beneficial (at least for a start).
How to open a bank account in a traditional bank
Most traditional banks are now accepting online applications. Some of them may require an in-person appointment once your application is processed, others have already gone fully digital and will simply send you your card to your home address (e.g. Lloyds).
Mind that with most traditional banks, your card and your PIN will be sent to you in separate letters by standard mail (with digital banks, you are usually allowed to set your own PIN on the app). Keep your mail secure and out of reach of strangers to protect your financial assets.
Once your bank account is active, you will need to download your bank app and link it with your account to facilitate access to all services. Don’t forget to switch your app store on the phone to UK, as otherwise you may not be able to download the right apps.