/ ChallengerBanks

Opening a bank account has never been easier!

A bank account is essential to survive in today’s world. It’s used for near enough everything related to money: paying bills, receiving wages, ordering online… The list goes on.

But, did you know there are over 1.2 million people in the UK are without an account?

One of the reasons why this figure is so high is because banks make signing-up an awkward and complicated process. Even though legally speaking it should be pretty simple as all you need to do is provide some basic personal information, a national insurance number and some proof of your identity and address.

Then, why can it be so hard to open one?..

Registering to a bank involves forms. People dread forms. I’m sure most of you can remember filling one out, which has confusing instructions and questions you do not really know how to answer. Where you dare not to answer incorrectly or accidently skip a question as this may get you sent to the back of the line.

Although forms are annoying, they can be filled out by almost anyone. But, many people are met with more serious obstacles when trying to open an account – one of the biggest is being able to provide a proof of address. Banks only accept specific documents that follow strict guidelines. These either are a household utility bill, a tax bill, a bank statement or a driving license (but that’s as long as it has not already been used as the proof of ID). And it must be the original document (not digital), have been issued in the last three months and include your full name and address.

The irony is that most utility providers and landlords will not do business with people without a bank account, which makes providing proof seem impossible! Banks can accept other documents, such as a government letter, but getting hold of these usually involves some going and forth, and then some. If you are new to the UK, have recently moved house or even a bit disorganised then it will likely be an agonising process.

For people coming from abroad, many major high-street banks do offer international accounts but this usually requires a big deposit to open and regular incoming payments each month (if not there can be some hefty fees).

Banks also often require people to come in-store to open an account. This is frustrating as local branches have been closing their doors since 2015, meaning more and more people will not have access to one close by. Booking an appointment at popular branches in major cities can take up to a week and attending one is a challenge if you have lots of commitments.

Luckily, many banks now offer the chance to open an account online. Some make this an easy process as they allow people to sign legal agreements with an e-signature and scan in their documents. While others may send you a package filled with annoying forms and instructions for you to complete, sign and send off for approval. Setting up this way can take weeks if you have a busy schedule.

Now things are changing...

Opening an account with a neobank bank helps avoid all the fuss. In fact, it can take a few minutes and be done at any time of the day, anywhere.

The set-up is simple. All you need to do is:

  • Download the bank’s app onto a smart phone.
  • Enter some basic personal details (name, date of birth, and so on) and the address you want your card to be sent to.
  • Photograph your ID and record a 10-second video on yourself to verify your identity (no need to provide a local proof-of-address).
Within a few days their card will be sent straight to the registered address, where in the mean time you can use your virtual card to make payments. It’s no longer necessary to waste time and energy, marching in and out of banks and dealing with other related hassle.

Sync. makes opening an account almost relaxing and as quick, simple and hassle free as possible. This is just one of the many ways it plans on creating of the most minimalist and easy-to-use banking experiences in the industry.

Click here to register for your Founder's card if you want to be part of the future of banking.