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Opening an account
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Open sesame
Once you have decided which bank or building society you would like to do business with, you can then approach them about opening a new account.
Opening a bank or building society account is a fairly quick and simple process. First off, you will be expected to fill in an application form. The application form will ask you to give some of your personal details, such as your name, address, telephone number, and employment details (if relevant).
Along with the application form, you will need to take some proof of identification. Most bank and building societies will accept a passport, driving licence, or student ID, and proof of your address, such as a household bill or a recent letter.
You may also be required to deposit some money in the new account straight away. This can be anything from £1.00 to £100.00. Some accounts will require you to deposit a certain amount, so make sure you are aware of any such rules.
Once you have provided the bank or building society with these details, you should have any items that accompany your account, such as a cash card or chequebook sent to your account shortly afterwards.
If you are working, and applying for a current account, then most banks will require you to have your salary or wages paid directly into your account if possible. This is more convenient than having to wait for a cheque to clear, and will mean that you can access your money straight away.
It is also a good idea to pay all of your household bills directly from your current account by direct debit or standing order. Not only does this guarantee that your bills are always paid in full, and on time, but can also save you money off your bills in the long run.
Once your account has been opened, it is up to you how you run it. There are many different accounts and services that are available through your bank and building society, so make sure you are getting the most out of them that you can.
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