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You can plan your whole day routine via task manager or communicate with your loved ones through social media, thanks to the advanced use of the internet. In this most exciting digital journey, a new sensation has been included in the financial industry: the online banking system.

According to a recent statistic, in 2024, the percentage of online banking users has risen to 76%. It stood at a measly 30% in the year 2007. Similarly, in 2024, one in four adults has opened a digital bank account in the UK, and the user number has now reached 14 million. Since it requires significantly less time to open a bank account online with and the application procedure is very easy, digital banking services are increasing remarkably all over the UK.

Online banking: the necessity of the time

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It is convenient, it is speedy, and it secures your transaction to the core. With much faster service than visiting a traditional branch, online banking provides the highest convenience, which is priceless in this fast-paced world.

Traditionally, if you want to perform any banking transaction, you need to visit and wait in line at the bank’s location. With online banking, just log in to your account, and you will be ready to access all types of activities without any inconvenience.

You can pay your bills, view your transaction condition, transfer money, sync with your budgeting apps in less than ten minutes. The account is accessible 24/7, and you can skip all the banking hassles and boring waits. In addition, online banking also offers low fees, which ensure the best interest rates.

How to open a bank account online?

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Opening a digital bank account is very easy, and it takes less than 10 minutes to complete all the procedures. Here, we are giving some simple steps, following which you can smoothly open a bank account online:

Step 1: Find the most suitable online bank

The first and most crucial step is to find an appropriate bank for your transaction. There are several banks in the finance industry that allow online banking services. Each of the banks has a variety of facilities and incentives to offer. For example, some banks probably provide the most attractive interest rates; others may do better in additional functionalities like trading. Whatever the scenario is, you must choose the bank wisely, depending on your financial planning.

Step 2: Evaluate different options

Once you are done with a suitable bank selection, research your account options at this stage. The banks are offering multiple accounts such as savings account, current account or trade account. Explore the options and choose the preferable accounts in terms of facilities and deposition. Whether you want to open a single or a joint account, you need to decide that too. With a single account, you hold the ownership solely by yourself. For a joint account, you need to share the ownership with your family member, and they will have equal access to the account.

Step 3: Apply for your account online

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After choosing the bank and deciding about the account option, now it is time to apply for the bank account. Go to the website of your preferable bank and click on the go-to site option, and a new window will open. Later, the window will send you to the account provider’s website and secure online application.

Here through the website, you have to place all your essential information such as name, date of birth, address etc. Ensure that you have all the news on your hand while operating the application since the procedure has a time limitation. After submitting all the information, you will get an email that includes the next steps in elaborated details. The email may also contain the instructions for ID verifications.

Step 4: Verify your identity

In this step, verify your account with a government-issued ID. Most banks require you to take a picture of your ID through your mobile phone. If you are a prior customer of the bank, you have the opportunity to skip this step.

Step 5: Make an initial deposit

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In general, if you are an existing customer of a given bank, you would only need to make a deposit using the debit card or sort code of the existing account. However, if you are a new customer, you have to deposit the money by transferring funds from another provider or in cash.

Step 6: Collect the debit card

This is the last step of the procedure, and here the bank will issue a debit card to operate the transaction. Once the card is in your hand, you are ready to start the operation online.

What documents are needed for an online bank account?

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If you are 18 years old and have a government-issued ID, you are eligible to apply for most online bank accounts. The essential documents need to open an online bank account are given below:

Identification: Banks require a valid photo-ID verification to protect the account from fraud. Verifying documents like a driver’s licence or passport ensures that it is really you and someone else isn’t trying to steal your identity.

Personal information: Personal information is also required to ensure the safety of the account holder. If you are applying for a joint account, the partners’ personal info will also be required.

Banking information: Initially, you need to deposit a small amount of money for opening a bank account. If you want to deposit it via online transfer, you will need to provide your existing banking info and documents.

Final words

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Those days of standing in a line at the branch corridor for one hour to open a bank account are gone. The digital banking services are at your doorstep, and you can open your savings or current account within a moment. Despite having all the advantages, we recommend not to allow speed and convenience to influence your decision. Think precisely before taking a final decision, as it will directly affect your financial future.