COREDO > 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 largest financial centres in the world. 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.

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 700 EUR

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

Opening a bank account in the United Kingdom is subject to the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) and FCA guidance. 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 holding more than 25% of shares, the source of funds, the nature of planned operations and financial statements. For individuals, a valid identity document, proof of residential address and information about the source of income are required.

Non-residents of the United Kingdom are able to open a bank account; however, enhanced due diligence (EDD) procedures apply to them. Most traditional banks (the “Big Four” and other high-street banks) require at least one director with permanent residence in the United Kingdom. In the absence of a resident director, certain banks and payment institutions offer specialised international or expatriate service programmes; however, these typically involve higher requirements for minimum deposits and monthly inflows.

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, this includes incorporation documents, a Companies House extract, the register of Persons with Significant Control (PSC), financial statements, a business plan and a description of planned transactions. Documents of foreign origin are subject to apostille and, where necessary, notarisation.

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 necessary, a face-to-face meeting with bank representatives or video verification 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

Standard timelines for opening a corporate bank account in the United Kingdom range from 3 to 12 weeks depending on the complexity of the corporate structure, the residency status of directors and the internal procedures of the specific bank. For British companies with resident directors and a transparent structure, the process typically takes 3–4 weeks. For companies with foreign owners and a complex structure — from 4 to 12 weeks. Digital banks and payment institutions may process an application within several business days.

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
Opening deposit	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
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The total fee depends on the type of account being opened (bank account or payment institution account). The deposit is credited to the client’s account and remains at their disposal after the account is activated.

Required Documents

To open a corporate bank account in the United Kingdom, the following documents are generally required: a Certificate of Incorporation, a Memorandum and Articles of Association, a current Companies House extract (Company Filing History and Confirmation Statement), a register of Persons with Significant Control (PSC Register), notarised copies of the passports of directors and beneficial owners, proof of residential address for directors and beneficial owners (issued within the last three months), financial statements for the last two to three years (if available), a business plan describing the nature of activities and expected turnover, and a board resolution authorising the opening of the account with specimen signatures of authorised persons.

To open a personal bank account, an individual will need: a valid passport or national identity document, proof of residential address in the United Kingdom (a utility bill, a notice from HMRC or a Council Tax statement), and information about the source of income. Non-residents who are unable to provide proof of address in the United Kingdom may use a payment institution account or a bank’s expatriate programme.

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, taking 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

Pavel Kos

Head of Legal at COREDO. Specialises in corporate services, bank accounts and legal support for clients in European jurisdictions.

Daniil Saprykin

Head of Customer Success at COREDO. Provides operational coordination of the account opening process and interaction with banking institutions.

Diana Šnajdr

Customer Success Manager at COREDO. Supports clients at all stages of interaction with banks and monitors compliance with timelines.

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, most traditional banks require the presence of a resident director or proof of address within the country. For companies without resident directors, specialised expatriate bank programmes are available, as well as accounts with payment institutions regulated by the FCA.

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

The standard timeline for opening a corporate bank account in the United Kingdom is from 3 to 12 weeks depending on the type of bank and the complexity of the company’s structure. For British companies with resident directors, the process typically takes 3–4 weeks. Digital banks and payment institutions may process an application within several business days.

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). Most major banks offer multi-currency accounts with the option of conducting operations in EUR, USD and other currencies. Payment institutions generally support a wide range of currencies.

Is personal presence required when opening an account?

The requirements depend on the specific bank. A number of traditional banks may require a face-to-face meeting for identification purposes, particularly for corporate clients and non-residents. Many institutions, including digital banks, permit fully remote account opening using video verification and 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.