Best bank account to open for a new-to-the-UK person 26 January at 1:19PM in Budgeting & bank accounts 10 replies 330 views

AdaMcVean

Hello! I've recently moved from Canada to the UK. I've just been using Wise for now, but I am starting my first proper adult job and figure it's time to get a proper bank account to match.
I've reviewed the banking info available on MSE, but all of the cash bonuses (the thing I'm most interested in, to be honest) are for switching, but as I'm opening my first account, I don't believe I'm eligible for those.
What do you think the best account to open for a total newbie would be?
I'm not anticipating being overdrawn, and I also don't anticipate having any large amount of savings. My credit score is good (albeit from Canada), and I will soon be receiving £29k salary.
Thank you very much!

Band7

Try Lloyds. You probably need to do it in person in one of their Branches, and with an appointment https://www.lloydsbank.com/banking-with-us/joining-lloyds/new-to-the-uk.html

piker57

Welcome to the UK and the Forum Ada.  I would suggest that you first of all register with Topcashback and then search for Kroo.  They're a newly established bank & by using the Topcashback link you'll get paid £21.

Alternatively Monzo pay £5 if you're referred.  

Both are really easy to set up & cards arrived quickly.

eskbanker

AdaMcVean said:

...the cash bonuses (the thing I'm most interested in, to be honest)...

[...]

My credit score is good (albeit from Canada)

Not sure if the expression 'beggars can't be choosers' is widely used in Canada, but best to recognise that you're not really in a particularly strong position with regards to starting your journey within the UK financial system - your credit status will only be assessed according to UK data, and will be correspondingly weak in the absence of much (if any) history.

https://www.moneysavingexpert.com/loans/check-free-credit-report/ allows you to ascertain what the ratings agencies have on record for you - there are three here as there's no concept of a universal credit score.  The 'score' they assign you doesn't really matter but it's worth validating that the raw data is accurate.

You should still be able to get a bank account but IMHO it's unlikely to be one of the more rewarding ones - there is a category known as basic bank accounts that should be available to newcomers:

https://www.moneysavingexpert.com/banking/basic-bank-accounts/

AmityNeon

To start with, your first account simply meets the basic needs of receiving your salary and making payments. Basic bank accounts (as well as 'guaranteed' transaction accounts from fintechs) provide this facility, allowing anyone with a poor credit history access to banking services.

Once you're more established in the UK, it will then be more viable to take advantage of various offers. The Lloyds Banking Group (Lloyds Bank, Halifax, Bank of Scotland) are useful for opening additional current accounts for switching purposes, so for that reason, it may be worth holding your main account with them.

Rob5342

I'd suggest Starling, you can open that easily in the app without all the hassle of going to a branch:

https://help.starlingbank.com/personal/topics/setting-up-an-account/who-is-eligible-for-a-starling-bank-account/

PRAISETHESUN

I moved to the UK from overseas years ago and I found the biggest hurdle was a lack of UK address history, followed by a lack of UK credit history. I basically went into my local high street with all the documents I had and asked the branch managers if what I had was acceptable. Eventually opened a basic current account with Santander. These days, I would recommend looking at some of the online banks, such as Monzo and Starling - these can usually be easily opened online with just a passport and a UK mailing address for them to send you a card and documents.

Down the line you can look to start building up your UK credit file - keep in mind its the actual repayment history that's important in the UK, not the score/rating that the CRAs provide.

[Deleted User]

HSBC are usually good with new arrivals in terms of facilities. 

Band7

Enrol on the Electoral Register, even if you have no plans to vote.  https://www.gov.uk/electoral-register

xylophone

https://www.expatica.com/uk/finance/banking/opening-a-bank-account-in-the-uk-103992/

very recently updated and may be worth a look.

PlatinumChaos

PRAISETHESUN said:

I moved to the UK from overseas years ago and I found the biggest hurdle was a lack of UK address history, followed by a lack of UK credit history. I basically went into my local high street with all the documents I had and asked the branch managers if what I had was acceptable. Eventually opened a basic current account with Santander. These days, I would recommend looking at some of the online banks, such as Monzo and Starling - these can usually be easily opened online with just a passport and a UK mailing address for them to send you a card and documents.

Down the line you can look to start building up your UK credit file - keep in mind its the actual repayment history that's important in the UK, not the score/rating that the CRAs provide.

This accurately mirrors my own recent history. Returning UK expat of many years with no real credit history here. Opened a Starling account in next to no time and it's now my everyday current account. There may be others that offer better conditions for this and that, but I just love the ease of using Starling, and their customer support is excellent.