Frequently Asked Questions

Yes, you are allowed to have more than one bank account. Many people choose to have a bank account for bills, and a separate account for day to day spending, to help with budgeting. For best practice, sole traders normally have separate bank accounts, one for their business or work use and the other for their personal use.

Not all bank accounts charge fees, but some have better perks than others - such as travel insurance or interest paid on credit balances. Before you apply for a new bank account, it is a good idea to understand your options and what is included. A comparison website can help you find the account suited for you and your circumstances.

You can open a bank account online or in a branch. You will need to prove your identity, residential address, fill out forms and answer some questions. The bank will likely conduct a credit check on you before offering lending facilities such as overdrafts.

Many who live together choose to open a joint bank account to pay shared bills and manage household expenses. As a joint account gives both account holders access to the money, you’ll need to trust the other account holder to make good financial decisions. Both account holders are credit checked, and a joint account will mean that your financial profiles become linked; this is not a decision to be taken lightly.

Savings accounts are suitable for saving money and earning interest, while current accounts are for everyday transactions such as household bills, purchases and cash withdrawals. It depends on your circumstances and requirements to determine which is better for you. Before you apply for a current account, it is a good idea to understand the benefits and features of different accounts to make a choice suited to your needs.

The Current Account Switch Service is a free service that lets you switch current accounts in the UK. Your new bank will handle the closing of your old account, moving any balances, and changing direct debits and other payments.

This depends entirely on the individual bank’s policies and account criteria, as well as your personal circumstances. For example, you would not be able to switch from a standard current account to a wealth management account if you did not meet the account criteria, such as having a large amount of money in savings, and a mortgage over £500,000 (or whatever specific requirements that particular bank account has for successful applications). It is a good idea to make sure you understand the criteria of any bank account you would like to switch to, to improve your chance of being accepted and that it is better suited to your needs.