Banking
United Kingdom — Banking: Online Banks
Online-only providers in the UK must be authorised, and only deposits at banks are covered by the FSCS, so check the FCA register and the FSCS checker before using one.
VerifiedGovernment / official sourceFCA / FSCS — checking that a UK bank or e-money provider is authorisedLast reviewed: 2026-10-23
Why this matters
Relocating to the UK and managing finances online is crucial for convenience, flexibility, and cost management.
Key facts
- Banks, building societies and authorised e-money institutions can provide payment services; most other payment providers must be FCA authorised or registered under the Payment Services Regulations 2017.
- The FCA Financial Services Register is the public record of these firms and the payment services they may provide.
- FSCS deposit protection covers banks, building societies and credit unions up to GBP 120,000 per person per firm; use its bank and savings protection checker.
- Always check that a firm has an FCA or PRA authorisation number.
Steps
- Opening an online bank account in the UK — Research and choose a bank that offers online services and meets your needs. Some banks may require in-person verification or have specific requirements for non-resident account holders. Follow the bank's online application process and provide required documents.
- Switching to an online bank in the UK — You can switch your existing account to an online bank by contacting your current bank and asking to close the account. Then, open a new online account with the chosen bank and transfer funds using the bank's online services.