If your business calls for multiple payments and withdrawals regularly, then it is time to get a current account for all your business transactions. Read further to explore its benefits and understand the process of opening an online current account in the UK.
While a savings account is a popular account among individuals, another account type is specifically meant for receiving and making regular payments (including direct debits and standing orders), which is called a current account. It usually offers no interest, as in the case of a savings account, since it is purely for transactional purposes.
If you are already using a savings account, then it is also possible to get a current account linked to your savings account so that funds can be moved around easily. Some banks also offer attractive interest rates on a linked savings account.
Though it is always possible to physically visit a bank for opening an account, it is quite simple to open an online current account from the comfort of your home these days. It is not only convenient but also quick and offers instant account opening in some cases.
Steps to Open an Online Current Account (UK):
Step 1: Know Your Eligibility –
If you are 18 years and above and hold a valid identity and address proof (UK), then you are eligible to open a current account. Non-UK residents may need to provide relevant visa or other documents.
Step 2: Apply Online –
For a current account online apply, you can-
- Download the Bank’s app and register yourself, or
- Visit the Bank’s website for the registration process.
Step 3: Document Submission –
If the application has been filled in carefully and submitted along with all the required documents, then the process of account opening can be rather quick. For a current account, you need to submit:
- ID Proof:Must be issued by a public authority, displaying your name, nationality, date of birth, signature, and photograph. A UK full driving license or a passport may be suitable as proof of identity. If submitting a passport, then make sure that it is valid for at least six months from the date of application.
- Address Proof:Must be issued by a recognized authority (Bank or a utility company) and should display the complete address. Some of the valid address proofs can be a tax bill, any utility bill (telephone, gas, water, etc.), a bank statement, or a driving license. Except for a DL, make sure that the address proof is not more than 3 months old.
Step 4: Receive Account Details:
Once you have applied for the current account along with all the required documents, the bank verifies and processes your application. Upon successful verification, your account is opened, and its details are shared with you. You receive the below details of your new account:
- Account number
- User ID and password for Internet banking
- Debit card and its PIN
You can right away start using your current account with the help of the above details. Also, the customer care executives can be contacted in case of any issues or queries.
The Final Word
Apart from frequent payments and withdrawals, some current accounts also offer additional benefits such as instant transfers to foreign bank accounts, higher interest rates on a linked savings account, etc. The above steps can help you get an operational online current account quickly and conveniently.