20 March 2020
4 min read
Firstly, there are a few things to consider when choosing a new bank account:
It is important to consider how you want to use your bank account, what you want to use it for, for example a personal or business account, and your current financial situation. This will help you choose a bank account that meets your individual banking needs.
Most providers offer many different types of bank accounts. That’s why you should shop around for a bank account that best suits your needs. There are many bank account comparison sites which can help you decide.
If you are thinking about switching your bank account to another provider this can be done under the Current Account Switch Service, which is covered by the Current Account Switch Guarantee. When you switch accounts, you can choose for all your outgoing payments, such as direct debits to be automatically transferred within seven working days. Your incoming payments such as salary and any pension income are also transferred as part of the Full Switch.
To learn how to switch with The Co-operative Bank, visit our dedicated page.
Most people use a bank account to manage their money on a day-to-day basis. There are many benefits to having a bank account, which can allow you to:
Another benefit of opening a bank account is that you can safely manage your money. Most providers offer online and mobile banking, making it even easier to keep track of your account.
Opening a new bank account may affect your credit score in the short term and making multiple applications in a short space of time could negatively impact your credit file. When applying for a bank account, your new provider typically will conduct a credit check before they will open your account
To open a bank account you may be asked to provide proof of identity and proof of address as part of the application process, however most providers will complete an electronic check in the first instance. What documentation you need will depend on the individual provider and the type of account you wish to open. In the vast majority of cases you can open a new bank account online or in branch.
Opening a bank account can be a simple process. In order to open a bank account you will be asked to provide a few details which may include:
The type of documentation you will be asked to provide can differ depending on your providers eligibility criteria, so it’s always best to check.
Some providers may be able to supply your sort code and account number the same day, but some banks may take longer. This can vary depending on what additional information or documents are required.
Once your application for a new bank account has been accepted, you will receive account details shorty after. You will also receive a debit card in the post which will allow you to pay for items in store and online. This means that you can start using your bank account as soon as you receive this information.
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