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Tips Set up Bank Account

Choose the Bank: A modern person has options to choose from several forms of bank accounts. Similarly, you can also choose from a number of local or global banks. However, it is very much important for an individual to choose a bank that he can visit without facing any inconvenience. You can simply browse through the websites of banks having branches located in your area. Also, the information posted on the website will help you in understanding some of the important points associated with your bank account like the maximum amount you can withdraw from the ATM on a single day and the minimum quarterly balance that you will be required to maintain.Decide the Type of Account You Want to Set up: Each bank in UK allows its customers to choose from a wide range of accounts based on their specific needs. If you are planning to use the bank account for business purposes, you must set up a bank account that enables you to issue cheques, withdraw cash from the ATMs, along with making transactions using the debit or credit cards.

At the same time, the normal savings account will suit the needs of individuals who prefer to deposit a specific sum of money in the account. However, the banks require their customers to pay specific fees or to maintain specific quarterly balance to enjoy these additional facilities.

Understand the Required Documentation: You also have to submit specific documents to set up a bank account with debit card and other facilities. Normally, the banks require a new customer to submit a photo ID along with proof of his address. A customer can submit photocopies of his passport, driver’s license or student identification card as photo ID proof. Similarly, you can use your electricity or telephone bills as your address proof. Along with the amount of funds you have to deposit in your bank account, the information about the required documentation will make it easier for you to visit the branch and set up your first bank account.

Follow the Account Opening Procedure: Each bank uses its standardized account opening form to gather the information from customers. You can download the account opening from the website of the bank or visit the local branch to collect a copy of the form. The account opening form needs to be completed duly, and submitted along with proofs of your identity and address. Before submitting the duly completed account opening form, you must check it thoroughly to ensure that the details are entered in an exact and accurate manner. Also, you must read and understand the policies and regulations of the bank, before signing the paperwork.