UK Bank Account
Starting FT in London and need to set up UK bank account.
What bank and account should I choose?
What banks / accounts are others using and why?
Thanks
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For quick accounts, you can use Monzo. For a proper account, use HSBC though it will take some time until they open it
Starling is a good alternative to Monzo too, found it slightly more user friendly
OP do not sign up with Monzo please dont
Why?
I’ve used Monzo at first and the app is way better than for brick & mortar banks (HSBC, Chase, etc). Do t get where the hate is coming from
I'll probably open Barclays. Should be able to get Premier Banking from A2 level
I've worked in the UK for 2 years and assuming you're a new grad, I would personally avoid all high street banks (Barclays, Lloyds, NatWest, HSBC) and stick with one of those fintech up and coming banks (Monzo is a great one, Starling I've heard good things, Revolut is good too).
Those fintech banks can do everything the high street banks can do except so much faster, with a lot less red tape.
The only time the high street banks offer better stuff is if you are using one of their higher margin products (taking out a mortgage, business loan, wealth management) or some sort of geographical play (i.e. lots of Hong Kongers use HSBC because of the ease of fund transfer between HSBC UK to HK). Not worth it if it's just for a regular checking / savings account.
Thanks for reply. I used Revolut while I was SA and it worked well. Are Revolut deposits guaranteed in the UK? That is the concern I have with using a fintech bank as my primary deposit account
Revolut is not a registered depositary institution, funds are not guaranteed.
Edit: starling and Monzo are fully registered depositaries, with guarantees
Very bad advice. You should definitely open an account at a legacy bank if you stay more than a year...
Hi,
As people suggested you could get started with a fintech firm. I recommend revolut. And then you could try and set up a high street account like HSBC.
However, here is my biggest tip - get a Chase debit card. It is as easy to set up as any other fintech firm. It gives you amazing interest rates (3.8% at the moment) and 1% cashback on all purchases for a year. That really adds up soon and not even some amex credit cards beat that.
Hope this helps!
Thanks - 3.8% AER is good, surely much better than what others (HSBC, Barclays) are offering
Most US expats I know in London also use HSBC, due to their relationship with the US.
Also, AmEx UK may be able to transfer your UK card (credit history) to the US, if relevant.
I will also need to get a new UK phone number. I will keep my existing phone and get a prepay sim only plan. What are the best options? Thanks
Can recommend Smarty
Not prepaid, but GiffGaff is really easy, especially if you're not staying long term as they let you do monthly with zero red tape. They have 5G too. The service isn't as great as Vodafone or other legacy carriers all the time, but most of the time it's great.
Vivo looks to be one of the cheaper options. The 100 international minutes add on for like 3£ a month is good aswell. Presume service is fine around london?
I opened a Lloyds account because that was the only one accepting my european phone number
I have a Natwest Reward debit card and Natwest Reward credit card, get cashback on all spending and they essentially pay you to use these card each month
Can recommend Barclays with the Blue Rewards program, can keep up to £5k in a high interest account alongside your checking account. Free to transfer as often as you like between them.
Recommend Starling or Chase for the zero international fees and excellent customer service (Starling) or 1% Cashback monthly up to £1,500 spend (Chase)
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