How to get a new online bank account faster

Many of us live our lives online these days – you might work online from home, do your grocery shopping online, and many of your best friends might be people you know through social networks.

So why is it so hard to set up online banking? If you don’t already have a bank account, it can be all but impossible to get a new online bank account without going into a branch.

Even if you already have a current account with a high street bank, the process to register for online banking can be long-winded, and you might have to wait for a ‘key fob’ the size of a pocket calculator to generate a login code every time you want to check your balance.

Arro Money believe there should be an easier way. As a fully regulated online money services provider – rather than a conventional high street bank – we were able to build our service as an online-first account.

You still get access to traditional facilities like a MasterCard® debit card and ATM withdrawals, so you can still get your hands on physical cash, but the money management all takes place online, with an online-only application process that takes just three minutes.

Set up an online account fast and easy

As a dedicated online money services provider, Arro Money were able to build our money management platform in-house, so it’s ideally suited for the job – and it’s rigorously tested to make sure it’s secure.

We use online identity checks too, so you don’t need to send us any paperwork, bank statements, utility bills or passport/driving licence.

Our ID checks do not access your credit file, so there’s no black mark left there, and they are not intrusive – and with databases for 160 countries, we can provide accounts for people new to the UK too.

The application process is fast and easy and entirely online – just fill in our signup form to tell us your name, date of birth, UK address and contact details (we need these so we can send you your account number and online login).

You must currently live in the UK – but you do not need to be a permanent resident or a UK national – and you must be over 18. There’s a basic Fair Fit test of eligibility, but we accept everyone we can.

What you get – instantly

Every new account comes with a login for our online money management dashboard. Your account has its own sort code and account number, so as soon as it’s open, you can move money in from elsewhere or start accepting payments from other people.

With your online login, you can use the Arro Money dashboard to set up outgoing Faster Payments, standing orders and Direct Debits, as well as to check your balance and recent transactions.

Every Arro Personal Account also comes with a MasterCard® debit card, which you can use for ATM withdrawals and to make card purchases in-store via chip and pin and contactless payments.

While the physical card has to reach you in the post, we send you all the necessary card details via SMS as soon as your account is open – this means you can use it for online shopping immediately, even before the physical card arrives.

How is Arro so fast?

We designed the Arro Personal Account in part based on our own experiences of being new to the UK, and of how long it can take to open a conventional bank account.

As it’s now possible to check ID automatically online, there really is no need for the lengthy application processes you get in the high street banks.

Instead, we created Arro Money as a technology-focused, forward-thinking financial services provider, fully regulated by the Financial Conduct Authority to provide electronic money services online.

We built our online platform in-house, to the highest standards of security, but also making full use of the potential of the internet when it comes to our application process.

And because there’s no credit card or overdraft on an Arro Personal Account, there’s no need for a credit check – and no risk of delays if your credit score isn’t good.

Together, all of this means we just need to run the quick Fair Fit test and verify that you are over 18 and currently live in the UK, and can immediately authorise your account and debit card based on that.