UK bank account
Minimum deposit balance
account maintenance fee
deposit insurance system
Can you explain those details?
Hello kamiyama, thank you for those great questions.
- You can open an UK bank account regardless of your country and nationality, as long as it's not a sanctioned country.
- All that is necessary is that you provide identity information. Whether banks do it or not has to do with their own risk policies and their costs for validating your information.
- We do not expect to institute any minimum deposit balance.
- We do not expect there will be any maintenance fee for ordinary accounts, although we reserve the right to assess that for accounts above a certain amount.
- As a UK Bank, we will be able to offer protection to our customers deposits under the Financial Services Compensation Scheme (FSCS).
- But more importantly, we run a full reserve, we don't lend out our customers' money, so we are not subject to risks from running a fractional reserve like other banks do.
- Regarding ability to open bank account - there are limits of course. If all we have is your name and photo and no ID, there are limitations on the amount held and transacted. But we CAN open the account within those limits.
