UK banking options?
November 23, 2022
by a searcher from McGill University in London, UK
Curious if anyone has any strong thoughts on where to open bank accounts for UK-based searchers? As a self-funded one I haven't needed one yet but heard its best to get started quickly.
Neobanks like Revolut, Tide, or Starling come up a lot, as do high street banks like HSBC. Any thoughts welcome
from IESE Business School in London, UK
I use Revolut + HSBC Business combination, also have Tide that is not in use:
- Revolut is just great for everyday activities, quick support if needed and they grow / develop features quick. Say you need card for summer intern - 5mins and it is on the way, free of charge for use (there is limitation on number but even paid option is really cheap). Setting up limits, blocking if needed and everything you need is there
Should be very quick for you to open an account
- HSBC took me a month to open, it has all needed but is less convenient than Revolut. Idea is to use it as 'proper high street bank' when acquisition time comes - some investors might feel uncomfortable wiring funds to Neo's, although times are changing fast.
- Tide - almost same as Revolut, issue was they didn't have proper IBAN to land international transfer at the time I had funding and I just used Revolut. I am sure they implemented this as of now.
- All these options integrate well with Xero, maintenance cost is 0 or very low, so basically you can split funds for security reasons as well.
I am sure you can build your combination of Neo + High street bank based on personal preference, location, maybe connection to the bank. Even better if you have some relationships with lending teams - obviously you pick up that bank for fund keeping.
Hope this helps!
from London Business School in London, UK