How to open a bank account online
Are you wondering what steps you need to open a bank account online? If so, read on. Opening a bank account online is easier than you might think. In fact, you can get an online bank account up and running in a very short time frame.
What can I do with an online current account?
Online current accounts let you complete a range of everyday transactions without visiting a physical branch. These activities can include making payments to companies and individuals, checking your balance and sending funds from one of your accounts to another. As long as you have an internet connection, you can manage your online current account from anywhere. The vast majority of banks and building societies allow you to use online banking these days. You can also open accounts with many banks that don’t have brick-and-mortar branches.
How do I open a current account online?
It only takes a few moments to open an online bank account. You’ll normally need to go to the bank’s website and complete an application form. The bank will need personal details like your name, age and address. You will also need to provide proof of ID, such as a copy of your driving licence and a recent utility bill. Once you have been approved, you can maintain the account online. Some banks may ask you for details like your income and occupation so they can offer other relevant services to you.
How do I find the right online banking service?
When you’re considering opening an online bank account, you need to find out if there is a fee to pay. There may be other requirements you need to fulfil to qualify, such as paying in a specific amount each month. Find out whether there’s an overdraft facility and what the interest rate is if you do go overdrawn. You should also find out whether you can earn interest on your balance and how much you’ll be paid. Some accounts come with extra features like breakdown cover and travel insurance.
What kind of features do digital bank accounts offer?
Banks with no physical branches are known as ‘digital banks’. Most or all of your banking activities can be completed via an app on your phone, including setting up standing orders. With these services, you’ll be sent notifications that alert you to any spending activity such as a card payment. Some of these services allow you to set aside specific sums for savings and to withdraw cash overseas without being charged a fee. T&Cs apply when you sign up for any banking service, so it’s always worth reading these before you sign up for an account.
A range of online banking options
There are many options available to you whether you’re interested in internet banking only, opening a student account, savings accounts, or if you want to switch your current account. Many banks will give you an overdraft if you have a good credit rating, but avoid going over your arranged overdraft limit as fees can be high. Overdrafts are often repayable on demand. Many surveys into online banking have been carried out over recent years. The results represent the view that more and more people are choosing to manage their money online.