How to open an online savings account in just a few easy steps
Thinking of opening an online savings account, but not sure how to go about it? In this guide, we talk you through the process – as well as the benefits of becoming an online saver.
The advantages of opening an online savings account
There are several reasons why you should consider opening a savings account online. It’s quick, simple and often more convenient than queuing up at your local high street bank. What’s more, online accounts typically offer better rates than traditional banks, helping you to get the most out of your savings.
Ready to open an online savings account? Here’s how to do it in five simple steps:
1. Decide what type of savings account you want to open
The first thing you need to do is decide on the type of savings account you want to open. For example, if you’re happy to lock your money away for a set period of time, you could choose to open a fixed-rate account. Alternatively, if you’d prefer to have your capital easily accessible, then a more flexible savings account, such as an Easy Access or Notice Account might suit you better.
2. Find the best deal
By doing a little shopping around, you can compare and review the benefits and terms of different accounts across a whole range of financial institutions. You can do this either by visiting the websites of a variety of banks, using a comparison website, or taking advantage of a marketplace that allows you to compare and apply for savings accounts in one place.
3. Get your personal details ready
You will need to provide some information about yourself such as your name, address, date of birth and National Insurance number. In some cases, you may have to provide further identification (e.g. a scan of your passport).
To apply for an online savings account, you need to be aged 18 or over and have a valid email address and mobile phone number. You’ll also need to provide details of the bank or building society account (including your account number or sort code) from which you plan to fund your account.
4. Submit your application form
It usually takes a matter of minutes to complete and submit an online savings account application. You’ll need to register and create a secure login with the bank or website through which you’re applying. It’s then just a case of waiting for your application to be approved before you can start saving. The time it takes to approve an application can differ between financial service providers, but most are swift to confirm their approval.
5. Transfer your savings deposit
Now it’s time to transfer your money into your savings account.
Be sure to check you comply with the minimum and maximum deposit requirements that apply to the savings account you have chosen. It’s also worth checking whether there’s a specific timeframe in which you need to fund your account; if you go beyond the limit, the bank may have to close the account.
After you’ve applied, if you haven’t already done so, transfer the amount that you want to open your selected savings account with into your Raisin UK Account.
When the amount that you want to deposit is available in your Raisin UK Account, your application will automatically be sent to the partner bank for review. We’ll contact you once the partner bank has reviewed your application.
Some things to keep in mind
Please be aware that you may need to provide additional identification, such as a scan of your passport when applying for some savings accounts. We will let you know if this is the case.
You have a funding window (typically 60 days) within which to fund fixed rate bond savings accounts from our savings marketplace. If you don’t transfer the amount you’ve asked to deposit within this funding window, your application will be cancelled. Please read the description of each savings account before applying.
You can’t change the amount you want to deposit into a savings account once you’ve applied, but you can withdraw your application and start a new one, which allows you to enter the amount that you want to deposit. Please be aware that once you’ve transferred the amount that you last told us that you want to deposit, your application will be sent to the partner bank, and you will be unable to change the amount.
If you have yet to transfer the amount you want to open a savings account with, you can withdraw your application. However, once a fixed rate bond savings account has been sent to a partner bank for review, you cannot cancel your application or close your savings account unless there are exceptional circumstances, as explained in our terms and conditions.
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