A high-interest bank account is one of the safest ways to grow your savings in the UK. Read this post to know more about what this account is, eligibility, and steps to open the account.
Want to grow your savings and also ensure that you can access your money anytime you like? A high-interest bank account can be an excellent option.
The account allows you to earn fixed interest income on your savings. It is linked to an existing bank account to ensure that you can easily deposit and withdraw funds anytime you like. There are no penalties on withdrawals, and you can start saving with as little as £1.
Moreover, you can also set up a regular savings plan to automatically deposit a fixed amount into this high-interest account every month and earn additional income on your savings.
But to open a high-interest account, you should first know about the eligibility and the application process of this account. Take a look-
What are the Eligibility Requirements to Open a High-Interest Account?
The eligibility requirements are as follows-
- Only UK residents above the age of 18 years are allowed to open a high-interest account
- If you are an immigrant, you should have been a UK resident for at least 1 year
- You should already have a current account in the same bank or any other bank or building society
- This existing account should also have a chequebook with your name on it along with direct debit and online funds transfer facility
- A valid email address
If you already have an existing current account in the UK, the bank will mostly be able to verify your identity and address from different sources. But if for some reason, the bank is not able to verify your identity, you will then be required to submit documents like identity proof and address proof for opening the account.
What are the Steps to Open a High-Interest Account?
If you are eligible for this account, you can apply for the same online. You simply need to fill an online form with some basic details before submitting the same. It should not take more than 10-15 minutes to fill and submit this form online. The bank will then verify your details, and your new high-interest account will be opened within 3-4 working days.
Once your high-interest savings account is active, you can then transfer funds to it from your linked current account and start earning monthly interest. In case of any queries regarding the account opening process, you can contact the support team of the bank by phone or send them an email.
Grow Your Savings with a High-Interest Account
A high-interest account is one of the few investment options in the UK where you can earn fixed interest on your savings but also have complete freedom to access your money anytime you like.
With zero penalties on withdrawals, you can deposit and withdraw funds as many times you like. This enables you to earn an additional income on your savings while also making sure that you keep up with your financial commitments.
Now that you know the eligibility requirements and steps to open a high-interest account apply as soon as possible to start earning monthly interest on your savings.