COREDO > Corporate Services > Bank Account for Individuals > Opening a Bank Account in the United Kingdom

Opening a Bank Account in the United Kingdom

Opening a Bank Account in the United Kingdom with COREDO

The United Kingdom is one of the world’s leading financial centres. A well-developed banking infrastructure, high standards of regulatory oversight and broad access to international payment systems make the United Kingdom an attractive jurisdiction for opening both corporate and personal bank accounts.

Since 2016, COREDO has been providing professional assistance with opening bank accounts in the United Kingdom, delivering full support at every stage — from preliminary analysis to obtaining account details.

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Cost of the service
from EUR 700

Banking System of the United Kingdom

MLR 2017 and FCA guidance

Banks apply the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) and FCA guidance.

A global financial centre

The United Kingdom is one of the world’s leading financial centres.

FSCS protection

Since December 2025 the FSCS protects deposits up to GBP 120,000 per depositor at each authorised institution.

Sterling and other currencies

Accounts are held mainly in pounds sterling (GBP); banks such as Barclays also offer foreign-currency accounts in EUR, USD and other currencies.

Types of Bank Accounts

The following main types of bank accounts are available in the United Kingdom:

A corporate (business) account (Business Current Account)

is intended for legal entities and sole traders. It is used for making payments to counterparties, receiving payments from clients and managing the company’s working capital. The account is opened in GBP with the option of multi-currency operations; corporate cards, online banking and integration with accounting systems are provided.

A payment institution account (Payment Institution Account)

is an alternative to a traditional bank account. It is opened with licensed electronic money institutions (EMI) regulated by the FCA. It is suitable for companies that require prompt access to settlement operations and international transfers.

A personal current account (Personal Current Account)

is opened for individuals and is used for receiving salaries, making everyday payments and managing personal finances. Banks provide debit cards, online banking and mobile applications.

A savings account (Savings Account)

is used for accumulating funds with interest accrual. The terms regarding interest rates and withdrawal restrictions vary depending on the specific bank and product type.

An investment account

is designed for managing a portfolio of securities, bonds and investment funds through the brokerage divisions of banks.

Client Requirements

Under MLR 2017, banks are required to carry out customer due diligence (CDD) procedures and verification of beneficial owners before establishing business relationships.

For legal entities, banks verify the company’s registration with Companies House, the corporate structure, details of all directors and beneficial owners, the source of funds, the nature of planned operations and financial statements. A beneficial owner is any individual who ultimately owns or controls more than 25% of the shares or voting rights, or who otherwise controls the company or its management.

Non-residents of the United Kingdom are able to open a bank account; however, banks apply enhanced due diligence (EDD) where their risk-based assessment identifies a higher risk. High-street banks set their own eligibility criteria, and some of them require at least one person on the application to be a UK resident. Companies outside such criteria can consider FCA-regulated payment institutions. Individuals living abroad can apply to expatriate services of banking groups, such as HSBC Expat in Jersey, which set their own eligibility thresholds.

Account Opening Process and Timelines

The process of opening a bank account in the United Kingdom through COREDO includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists analyse the client’s profile, identify suitable banking institutions and account types, and assess the likelihood of application approval taking into account the specifics of the business and the residency status of directors. At this stage, primary information about the company or individual is collected and verified.

01

Document preparation.

A complete set of documents is prepared in accordance with the requirements of the selected bank. For corporate clients, these are the documents listed under Required Documents. Foreign documents are apostilled or legalised where official online resources cannot confirm them.

02

Application submission and interaction with the bank.

COREDO submits the documents to the bank and ensures communication between the client and bank specialists at all stages of the review process. Where the selected bank requires it, a face-to-face meeting with its representatives is arranged.

03

Verification and account opening.

The bank conducts a compliance review of the submitted documents and KYC/KYB procedures. Following successful verification, the account is opened and the client receives the account details.

04

The time needed to open a corporate account depends on the corporate structure, the directors’ residency and the bank.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Non-refundable deposit (Stage 2)	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Non-refundable deposit (Stage 2)	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The total fee depends on the account type (bank or payment institution) and the complexity of the case; bank and payment institution fees are not included. A non-refundable deposit — EUR 1,000 for legal entities and EUR 400 for individuals — is required upon commencement of Stage 2.

Required Documents

Under MLR 2017, the bank obtains and verifies the company’s name, company number and registered office. It also takes reasonable measures to verify the constitution, the directors’ names and the beneficial owners, and may not rely solely on Companies House records for the latter. It confirms that persons acting for the company are authorised. COREDO’s basic package includes the Certificate of Incorporation, the articles of association, a register extract and identity documents of directors, beneficial owners and signatories. It also covers the beneficial owners’ source of funds, relevant financial statements, a business plan and the bank’s forms.

For a personal account, COREDO’s basic package includes a valid passport, proof of residential address (a utility bill or bank statement not older than three months) and information on the source of funds.

The specific list of documents may vary depending on the requirements of the selected bank and the client’s profile. COREDO specialists provide a detailed list of documents following the preliminary analysis at the first stage of cooperation.

Benefits of Working with COREDO

COREDO has been operating in the legal and consulting services market since 2016. The headquarters is located in Prague, and services are provided throughout the European Union and beyond, including the United Kingdom. Working with COREDO when opening a bank account in the United Kingdom offers a number of significant benefits.

Professional analysis of the client’s profile enables the identification of the most suitable banking institutions. It takes into account the specifics of the business, the residency status of directors, the ownership structure and the objectives of opening the account. Full document support includes the preparation and review of all required documents in accordance with the standards of British banks and the requirements of MLR 2017. Communication with the bank is handled by the COREDO team, which substantially reduces the likelihood of delays due to incomplete documentation or incorrect formatting. The client receives individual support from an expert throughout the entire process — from the initial consultation to obtaining the account details.

Contact us

Our Experts

The COREDO team has been operating since 2016 and supports clients in opening accounts with banks and payment institutions.

Nikita Veremeev

Founder & NED of COREDO. Founded the company in 2016 and personally oversees the strategic development of the business across dozens of jurisdictions.

Pavel Kos

Head of Legal. Has been with the COREDO team since June 2017, responsible for legal support of corporate projects and company registration.

Alena Mach

Executive Director

Daniil Saprykin

Head of Customer Success

Annet Abdurzakova

Senior Customer Success Manager

Frequently Asked Questions

Can a non-resident of the United Kingdom open a bank account?

Yes, non-residents are able to open both a corporate and a personal bank account in the United Kingdom. However, some high-street banks require at least one person on the application to be a UK resident. Companies outside such criteria can consider payment institutions regulated by the FCA; individuals living abroad, the expatriate services of banking groups.

What are the timelines for opening a bank account in the United Kingdom?

The timeline for opening a corporate bank account in the United Kingdom depends on the type of bank and the complexity of the company’s structure.

Are deposits in British banks protected?

Deposits in banks in the United Kingdom are protected by the Financial Services Compensation Scheme (FSCS). Since December 2025, the deposit protection limit is GBP 120,000 per depositor at each authorised institution. For temporarily high balances, protection of up to GBP 1,400,000 is available for a period of up to six months.

In which currency can a bank account be opened in the United Kingdom?

The primary currency of bank accounts in the United Kingdom is the pound sterling (GBP). Banks such as Barclays offer foreign-currency accounts in EUR, USD and other freely traded currencies. At payment institutions the range of currencies depends on the institution.

Is personal presence required when opening an account?

The requirements depend on the specific bank. A traditional bank may require a face-to-face meeting for identification purposes, particularly for corporate clients and non-residents. Other institutions, including digital banks, take applications fully online with electronic document submission. COREDO informs the client of the specific requirements of the selected bank at the preliminary analysis stage.

Submit Application

If you are planning to open a bank account in the United Kingdom — for a company or for personal purposes — COREDO specialists are ready to provide professional assistance at every stage of the process.

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