How to get your first UK current account for your day-to-day banking needs
One of the biggest concerns of someone arriving in the UK today is where to start with setting up a bank account.
Being new to a country means you usually have no idea where to go or what you need to do something as simple as opening a bank account. When banks and building societies all have different criteria for opening an account, immigrants sometimes feel so overwhelmed that they give up and try to live on cash in hand.
Unfortunately, living on cash isn’t practical is the age of EFTs and digital money management. Language barriers and no knowing how to provide proof of address also make it difficult to open a bank account.
Even if you manage to work out how to open a bank account, there are so many current accounts to choose from that it can be difficult to work out which is the best one for you. The first step to finding the best UK current account for you is to identify what you’ll be using it for – this will help you compare accounts effectively.
New paragraph
What is personal financial planning?
Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.
How do I handle personal financial planning?
Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
What are you using the account for?
Most of us have our wages, salaries or benefits paid directly into our current account, which is also used to pay bills and rent or home loan repayments. If money is tight, some of us also rely on our account’s overdraft facility to help carry us over until payday.
That’s why it’s important to consider all the different features a current account can have. Several features like banking apps will be available for free, but some features come with an extra fee and are called ‘package banking accounts’.
What are you using the account for?
Most of us have our wages, salaries or benefits paid directly into our current account, which is also used to pay bills and rent or home loan repayments. If money is tight, some of us also rely on our account’s overdraft facility to help carry us over until payday.
That’s why it’s important to consider all the different features a current account can have. Several features like banking apps will be available for free, but some features come with an extra fee and are called ‘package banking accounts’.
What are you using the account for?
Most of us have our wages, salaries or benefits paid directly into our current account, which is also used to pay bills and rent or home loan repayments. If money is tight, some of us also rely on our account’s overdraft facility to help carry us over until payday.
That’s why it’s important to consider all the different features a current account can have. Several features like banking apps will be available for free, but some features come with an extra fee and are called ‘package banking accounts.
New paragraph
What is personal financial planning?
Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.
How do I handle personal financial planning?
Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
Just arrived in the UK? Can’t prove your address?
STARTIN is in partnership with Monese to ensure you have everything you need to open your first current account without worrying about how to get your first salary payment. Monese is a multi-currency banking app that provides you with fast and free current accounts in 31 countries. It’s so simple to use you can instantly open a Monese account from your phone, giving you the financial freedom to live, work, travel, study and thrive wherever you are. Monese even provides business accounts.
When you sign up to Monese you’ll join over a million people who enjoy access to their full range of features – celebrated by a 8.9/10 Trustpilot score.
With this simple app on your phone you can enjoy the convenience of making payments, receiving money, setting up direct debits and organising recurring payments - all while maintaining a comprehensive overview of your earning, spending and saving habits.
Just arrived in the UK? Can’t prove your address?
STARTIN is in partnership with Monese to ensure you have everything you need to open your first current account without worrying about how to get your first salary payment. Monese is a multi-currency banking app that provides you with fast and free current accounts in 31 countries. It’s so simple to use you can instantly open a Monese account from your phone, giving you the financial freedom to live, work, travel, study and thrive wherever you are. Monese even provides business accounts.
When you sign up to Monese you’ll join over a million people who enjoy access to their full range of features – celebrated by a 8.9/10 Trustpilot score.
With this simple app on your phone you can enjoy the convenience of making payments, receiving money, setting up direct debits and organising recurring payments - all while maintaining a comprehensive overview of your earning, spending and saving habits.
New paragraph
What is personal financial planning?
Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.
How do I handle personal financial planning?
Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
The Monese app allows you to withdraw cash from ATMs worldwide for free or add money to your account by bank transfer using a debit card, or even deposit cash into your account at over 40,000 locations, all for free!
Whether you’re moving from Paris to London, or from London to Berlin, Monese has an account for you. While it’s already available in 31 countries, even if you don’t know your address in your new country yet, you can still enjoy opening a new Monese account. All you need is your passport or national ID card on hand. Monese also offers an app and customer support team who are available to help you in 14 languages.
The Monese app allows you to withdraw cash from ATMs worldwide for free or add money to your account by bank transfer using a debit card, or even deposit cash into your account at over 40,000 locations, all for free!
Whether you’re moving from Paris to London, or from London to Berlin, Monese has an account for you. While it’s already available in 31 countries, even if you don’t know your address in your new country yet, you can still enjoy opening a new Monese account. All you need is your passport or national ID card on hand. Monese also offers an app and customer support team who are available to help you in 14 languages.
The Monese app allows you to withdraw cash from ATMs worldwide for free or add money to your account by bank transfer using a debit card, or even deposit cash into your account at over 40,000 locations, all for free!
Whether you’re moving from Paris to London, or from London to Berlin, Monese has an account for you. While it’s already available in 31 countries, even if you don’t know your address in your new country yet, you can still enjoy opening a new Monese account. All you need is your passport or national ID card on hand. Monese also offers an app and customer support team who are available to help you in 14 languages.
What do I need to do?
CLICK HERE TO GO STRAIGHT TO THE APP STORE2. Download the Monese app
3. Enter our special code STCONS19 at the start of registration, then follow the instructions to complete registration using your photo ID
New paragraph
What is personal financial planning?
Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.
How do I handle personal financial planning?
Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
What do I need to do?
CLICK HERE TO GO STRAIGHT TO THE APP STORE2. Download the Monese app
3. Enter our special code STCONS19 at the start of registration, then follow the instructions to complete registration using your photo ID
Switching incentives
Some banks offer switching incentives, which give you a cash bonus or a free gift when you move your current account with another bank to them. However, in order to qualify for the bonus you’ll need to meet certain criteria like paying in a minimum amount each month and running a certain number of direct debits from the account. Possible incentives for opening a current account include:
- Cash incentives – you may be offered a cash bonus for signing up.
- High interest rates – you may earn interest on your balance, up to a certain balance amount
- Interest-free overdraft/buffer – you won’t be charged for being overdrawn, usually only up to a certain amount.
- Insurance/breakdown cover – sometimes you’ll be offered included coverage for services such as insurance and emergency assistance.
- Better rates on foreign currency, loans, savings accounts, mortgages – some banks may offer you more favourable rates as a reward for becoming their client.
Switching incentives
Some banks offer switching incentives, which give you a cash bonus or a free gift when you move your current account with another bank to them. However, in order to qualify for the bonus you’ll need to meet certain criteria like paying in a minimum amount each month and running a certain number of direct debits from the account. Possible incentives for opening a current account include:
- Cash incentives – you may be offered a cash bonus for signing up.
- High interest rates – you may earn interest on your balance, up to a certain balance amount
- Interest-free overdraft/buffer – you won’t be charged for being overdrawn, usually only up to a certain amount.
- Insurance/breakdown cover – sometimes you’ll be offered included coverage for services such as insurance and emergency assistance.
- Better rates on foreign currency, loans, savings accounts, mortgages – some banks may offer you more favourable rates as a reward for becoming their client.
New paragraph
What is personal financial planning?
Personal financial planning means defining a strategy for decision making around money and resources using control tools, which must be set according to your personal goals and circumstances.
How do I handle personal financial planning?
Financial planning is not a once-off process, but it should be ongoing throughout your lifetime. Identifying and balancing your income versus your expenditure, choosing where to invest your money and renegotiating debt when necessary are also part of personal financial planning. Fortunately, the principles of sound financial planning are simpler than most people realise.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
STARTIN can design a financial plan that suits your personal goals. Whether you are aiming at purchasing a home, or trying to eliminate your debts, we can help you to achieve your financial goals in a way that will not damage your credit score.
Potential current account charges
Some current accounts come with fees attached. Sometimes charges will be waived if you meet certain criteria – for example, if you pay more than £1,000 into the account each month. Other current accounts have zero fees linked to them, so make sure you do your homework and compare your options. Sometimes banks charge monthly current account fees, as well as the following charges:
- Duplicate statements – if you request a past statement to be resent to you
- Banker’s drafts – similar to a cheque, but it is prepaid and issued by the bank
- Banker’s reference/enquiry – a report issued on request by your bank to determine your financial risk usually linked to applying for a home loan or tenancy
- Access abroad – when you withdraw funds from your bank account from another country
- Unarranged overdraft – going into overdraft on your account without arranging it with your bank beforehand
Potential current account charges
Some current accounts come with fees attached. Sometimes charges will be waived if you meet certain criteria – for example, if you pay more than £1,000 into the account each month. Other current accounts have zero fees linked to them, so make sure you do your homework and compare your options. Sometimes banks charge monthly current account fees, as well as the following charges:
- Duplicate statements – if you request a past statement to be resent to you
- Banker’s drafts – similar to a cheque, but it is prepaid and issued by the bank
- Banker’s reference/enquiry – a report issued on request by your bank to determine your financial risk usually linked to applying for a home loan or tenancy
- Access abroad – when you withdraw funds from your bank account from another country
- Unarranged overdraft – going into overdraft on your account without arranging it with your bank beforehand
Potential current account charges
Some current accounts come with fees attached. Sometimes charges will be waived if you meet certain criteria – for example, if you pay more than £1,000 into the account each month. Other current accounts have zero fees linked to them, so make sure you do your homework and compare your options. Sometimes banks charge monthly current account fees, as well as the following charges:
- Duplicate statements – if you request a past statement to be resent to you
- Banker’s drafts – similar to a cheque, but it is prepaid and issued by the bank
- Banker’s reference/enquiry – a report issued on request by your bank to determine your financial risk usually linked to applying for a home loan or tenancy
- Access abroad – when you withdraw funds from your bank account from another country
- Unarranged overdraft – going into overdraft on your account without arranging it with your bank beforehand
Types of current accounts
Current accounts are ideal for everyday use, but they often come with special features.
The different types of current accounts you can find include:
1. Standard
- A standard current account is what most people choose. It usually comes with a debit card, a cheque book, and an overdraft facility.
2. Basic
- Basic bank accounts are ‘no frills’ accounts. They don’t have an overdraft facility or a cheque book. These types of current accounts are geared towards people with no, or poor, credit histories.
3. Packaged
- Packaged current accounts come with extra bonuses, such as interest-free overdrafts, various insurance add-ons and preferential interest rates on loans and savings. However, they often come with monthly or annual fees and you aren’t always automatically eligible for some of the benefits, so be sure to check whether this account actually works for you.
4. Student
- Student current accounts often come with interest-free overdrafts and sometimes offer other perks like assistance with travel costs.
5. Graduate
- Graduate current accounts are designed to assist recent graduates transition to the working world. You may start off with an interest-free overdraft, but this is usually reduced over time.
6. Joint
- A joint current account is an account for two or more people, preferred by couples or households with a shared fund for expenses like rent and bills.
7. Children
- Children’s accounts are basic bank accounts with only the essential features. They usually come with debit or cash cards and they don’t have overdrafts.
8. Religious
- Religious current accounts, such as Islamic bank accounts, are unique in that they have to comply with religious precedents. For example, Sharia law prohibits making a profit on money exchanges, making earning and paying interest forbidden. Sharia-compliant accounts sometimes provide a profit-sharing alternative to interest payments.
9. Dormant
- Accounts that haven’t been active in 15 years are called dormant bank accounts. This means the account can’t be accessed anymore, or the owner of the account can’t be contacted. In these cases, the money is often given to charities. It is possible to claim lost funds, but it can take time.
Types of current accounts
Current accounts are ideal for everyday use, but they often come with special features.
The different types of current accounts you can find include:
1. Standard
- A standard current account is what most people choose. It usually comes with a debit card, a cheque book, and an overdraft facility.
2. Basic
- Basic bank accounts are ‘no frills’ accounts. They don’t have an overdraft facility or a cheque book. These types of current accounts are geared towards people with no, or poor, credit histories.
3. Packaged
- Packaged current accounts come with extra bonuses, such as interest-free overdrafts, various insurance add-ons and preferential interest rates on loans and savings. However, they often come with monthly or annual fees and you aren’t always automatically eligible for some of the benefits, so be sure to check whether this account actually works for you.
4. Student
- Student current accounts often come with interest-free overdrafts and sometimes offer other perks like assistance with travel costs.
5. Graduate
- Graduate current accounts are designed to assist recent graduates transition to the working world. You may start off with an interest-free overdraft, but this is usually reduced over time.
6. Joint
- A joint current account is an account for two or more people, preferred by couples or households with a shared fund for expenses like rent and bills.
7. Children
- Children’s accounts are basic bank accounts with only the essential features. They usually come with debit or cash cards and they don’t have overdrafts.
8. Religious
- Religious current accounts, such as Islamic bank accounts, are unique in that they have to comply with religious precedents. For example, Sharia law prohibits making a profit on money exchanges, making earning and paying interest forbidden. Sharia-compliant accounts sometimes provide a profit-sharing alternative to interest payments.
9. Dormant
- Accounts that haven’t been active in 15 years are called dormant bank accounts. This means the account can’t be accessed anymore, or the owner of the account can’t be contacted. In these cases, the money is often given to charities. It is possible to claim lost funds, but it can take time.
UNSURE WHERE TO START?
We can help. Call us on 01793 313017, WhatsApp us on 07535 138562 or complete our quick enquiry form and we will be happy to help you.
Take control of your finances. Get started with STARTIN today.
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