Open a Bank Account Online in the UK

Children can legally open their own bank account in the UK from the age of 11 (although some accounts have a higher minimum age), but parents can open an account for their children at any time. Different banks offer different accounts with varying age specifications, and the process and requirements for opening the account will vary.

In general, it’s easier if you go to the bank with your child to open an account. You can still open an account without your child as long as you have the proper documents with you. You can even open a bank online for your child.

There are some documents that you would need to prepare. Bring your child’s ID such as passport, national identity card, or birth certificate. You would also need to bring in your own debit card and PIN if you already have an account at the same bank. Otherwise, you will need to bring your ID to prove your relationship with the child.

UK banks can reject any business account application on various grounds such as failed credit checks, or not providing enough ID or proof of address. They don’t have to give you the reasons why they’ve rejected you. Before applying for alternative solutions, it’s important to prepare future applications in detail to increase the chances of being accepted and getting the account live. You’ll be asked to provide documentation to include; ID, Company registration, Details of Director, Details of any adverse credit, including timing, amount and repayments, Having these to hand prior to application will not only improve your chances of being accepted for business banking after decline, but also increase the speed in which your application is processed.

Most of the main banks in the UK offer services online and via their applications, so you can easily open and run your bank accounts remotely. There are also banks that are digital-only or mobile-only.

You can open your digital account remotely, but you will need to supply your email address, phone number, and ID document.

Most digital banks such as Revolut, Monzo, Starling or Curve offer 24/7 in-app support, which is a huge customer improvement above the call-center support provided by most traditional banks. In fact, British users cite convenience, better terms of service, and the ability to track spending in real-time as the main reasons why they prefer to use online banks. When choosing one for your business, do check websites such as TrustPilot to see what the existing users are saying and what are the pain points of these banking apps.

If you have a good or clean credit history and you have not over your arranged overdraft limit, you can switch your bank account. During the application process to switch to your new banking provider, they will likely ask you the value of your overdraft. Most banks will want to offer to match this.

Since an overdraft is a form of credit, a credit search will be made on you by the new bank account provider. Do keep any relevant paperwork from your current bank, such as bank statements or proof of your overdraft limit, and bring this with you when you go into your new bank account’s local branch.

A joint account makes your financial management as a company easier. You can track all of your business transactions in one place. Expenses will be easier to categorize in one account. You will have shared access to how much you have in your cash reserves which helps inform your cash flow; plus, your taxes will likely be easier to compile for your accountant.

Remember, separating your business and personal finances is a crucial piece of your company’s financial management, and setting up a business joint current account is a good step.

Generally, the answer for this is yes, and you can still access your transaction history for closed accounts as long as you have a registered account with your bank. However, how long you can access it after you have closed your account differs from bank to bank. According to UK regulation, banks need to give you access to up to 5 years of your transaction history at current account closure.

Usually, accounts which have been closed due to fraud or other unlawful activity, impairment or which have had no activity in a long while will not be eligible to receive transaction history.