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Managing your money is essential if you’re on a debt-free journey. Some people have an account for bills, another for food, and there might be another account that you have your salary paid into. A person with poor credit might require a basic bank account. But what if you need to access your bank account on the same day as opening it? I’ve collaborated with Moneyfacts.co.uk to present some useful info. Here’s the lowdown for when you need a new bank account.
Best Bank Accounts
One of the most important factors in choosing a new banking provider is its reputation. In addition to weighing up interest rates and charges, customer service is especially important. As is the speed with which they can respond to your needs.
Moneyfacts.co.uk have put together a handy infographic that shows which banks open your account on the same day as your application. Nationwide came out on top with 100% of applications being opened on the same day, with Monzo (99.3%) and Bank of Scotland (98%) coming second and third consecutively.
Need a Debit Card Fast?
Sometimes the swaying factor could be how quickly you can receive your debit card after opening. Tesco Bank are the winners, as they’re able to issue a debit card on the same day. Metro Bank are also able to issue same-day debit cards 81% of the time, with others taking around 3 days. Some of the other high street banks and newer challenger banks can take up to 11 days to issue a card, which isn’t great if you need access to your account in a hurry.
What if Your Card is Lost or Stolen?
If you’ve ever had your wallet or purse stolen, you’ll understand the nightmare of waiting for a replacement card. According to the data, 97% of the time Metro Bank can arrange for a replacement to be with you the same day as reporting it lost or stolen. The other banks featured in the report take between 2 to 7 days to issue a new card. It’s a blessing if you’re able to withdraw cash using your mobile phone, provided you have that ability.
Best Online Bank Account
The digital age means that more than ever, consumers are turning to their smartphones, tablets and desktops to manage their money, with two-thirds of adults in Britain using online banking.
But which banks come out on top when it comes to internet banking?
The data at Moneyfacts.co.uk showed that out of the selection of banks surveyed, Clyesdale Bank, Tesco Bank, Metro Bank and Yorkshire Bank can provide you with same-day access, on opening, 100% of the time.
Whatever reason you might have for needing to open a new bank account, there’s plenty of choice, and you’ll want to choose the one that’s right for you. I hope this article has given you some basic facts to assist in making that decision. To see the data in full, visit the page here at Moneyfacts.co.uk.
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