A Guide to Opening, Switching, or Closing your Bank Account

Before opening a bank account, you need to be certain about the kind of account that will suit your banking needs. If you have considered all the kinds of bank accounts that are available within a banking institution and decided on the one to choose, then we can get started.

Source: Unsplash+

Opening a bank account: What to do

Reach out to the bank of your choice, whether via the phone, online, or by paying a visit to the branch of the bank closest to you. Once you indicate an interest in opening an account, the bank will carry out a check to ascertain your credit history. If you have a poor credit history, it will prevent you from opening certain kinds of accounts.

If your credit report checks out, you’ll be asked to provide proof of address and identity, and there are several documents with which you can prove it. They include utility bills, a driving license, a bank statement or statement from a building society, a Council Tax bill or a credit card statement. 

Alternatively, you can provide a tenancy agreement, a tax statement or HMRC letter, a benefits statement, or a mortgage statement.

Bear in mind that the bank decides what manner of documents they accept from people wishing to open accounts, so ensure to confirm.

Opening a Current Account: What to do

If you’re interested in a current account, the requirements are different, and often more, especially if you’re dealing with a high-street bank account. Although the requirements are different from bank to bank, there are some general requirements from banks, and they include basic details such as your name, date of birth (to prove that you’re over 18), phone number and email address, home address or university address.

Going further, you will need to provide your Passport and a secondary means of identification such as a driving license, birth certificate, or student ID card.

If you are a student, you’ll need to present your university acceptance letter and Tier 4 Student visa. You’ll also need to pay a given amount of money as a deposit into the account.

Opening an eMoney account: What you need 

First, you’ll need to be above 18 years, and then you’ll need to provide details of your full name, date of birth, telephone number, home address, and email address. 

You’ll also need to present a form of identification which can either be a national ID card, a passport, or a UK driving license.

Switching bank accounts: What to do

There is a popular service amongst nearly every bank and building society that allows you to switch your Current account for free in seven days.

To complete the process, your current overdraft will be checked to be sure that your overdraft limit is enough to match your new account limit.

The account switch process guarantees you a refund on charges and interests if anything were to go wrong with the account.

Bank with Suits Me

You can open a Suits Me® account in 3 minutes and begin online banking immediately. You don’t need credit checks or proof of funds to open an account, and there’s a 99.8% chance that your application will be approved and you’ll have an account running in no time!

The post A Guide to Opening, Switching, or Closing your Bank Account appeared first on Enterprise Podcast Network – EPN.

Leave a Reply

Your email address will not be published. Required fields are marked *