If you have never had your own bank account before there are few things you should know before jumping in to the finance sector head first. Opening your first bank account is a big step and forms the basis of your credit history so you need to ensure you do everything right.

What will you use your first bank account for?

You need to ask yourself why you need a bank account and what you will use it for. Perhaps you have just started your first major job and you need somewhere for your wages to be paid, or you are looking to pay your bills via direct debit. There are numerous banks and accounts so finding the best UK bank account for you will depend on your needs.

Choose a bank

The British banking sector is dominated by the ‘big four’ banks: Lloyds, RBS, Barclays and HSBC but these do not necessarily provide the best UK bank accounts. There are some smaller high street lenders that you might find more appropriate for your needs, such as the relatively new Metro Bank.

When searching for your first bank account it is essential that you compare current accounts and make an informed decision, rather than plucking one at random. Here are a few things to consider when opening your first bank account:

• Do you need to visit a branch or do you only need internet banking?
• Are there any offers available that you are eligible for e.g. student?
• Who do your family bank with and why?

Choosing an account

There are two main ways to choose your first bank account, you could first choose a bank and then pick an account from their product range, or you could compare current accounts across the board and pick the best one suited to you.

Standard Features

For your first bank account you will want access to a cash card which will allow you to make ATM withdrawals, but nowadays a debit card will be more appropriate as this also allows you to make payments in store and online. Some bank accounts come with a cheque book but, as their popularity decreases, this is becoming less common.

Credit Facilities

You might be interested in the credit facilities available to you, such as an overdraft. If you have no credit history, it is unlikely that these facilities will be offered to you until you have proven yourself as a reliable lender. For your first bank account, it is probably best not to concentrate on this, and simply get used to using a current account on a regular basis.

Royalties/Packaged Accounts

When choosing your first bank account take a look at any fees attached to the account as some accounts do have a monthly charge, you will usually be offered extra goodies such as free cinema tickets. If this is something you are interested in make sure that you weigh up the cost of the account to the benefits you receive.

Opening an account

When you open your first bank account you will need identification to prove that you are a genuine person. The documents required will be similar wherever you decide to open an account but double check the bank’s requirements. You should expect to have to provide original copies of a few of the following:

• a current signed Passport
• UK photocard Driving Licence
• student identification (if opening a student account)
• utility bill
• Council Tax bill
• Birth Certificate
• other photo or address identification

The bank may you require to visit a branch to produce the originals of these documents, or in some cases send them via recorded delivery in the post. All original documents will be returned to you as soon as possible.