Can’t get a bank account? Why Banks say no but Arro says yes
If you’ve tried and failed to get a bank account in the past, you’re probably feeling pretty frustrated. And, no wonder. You need a bank account to receive your wages, to get a tenancy agreement or to manage your day-to-day finances. But it’s not all bad. Thankfully, whether you’re new to the country or a UK resident, there are simple options and Arro can help.
Why do banks say no?
To begin, find out why you’ve been denied a bank account in the first place. For most people, credit scores are to blame. If you have a poor credit rating – or no credit history, if you’re new to the UK – then most high street banks will reject your application for an account.
It’s an unfair situation. If you’ve had credit in the past and have kept up with repayments, your credit score will be good. But, what about the people who have never had a credit or store card? They’re left with a ‘poor’ rating and a difficult job of trying to increase it.
There are other reasons for being denied a bank account. If you don’t have proof of address, most banks won’t let you open an account. For foreign nationals relocating for work or studies, this is unavoidable. For UK residents who don’t have bills in their name, it can be a real pain too.
Last but not least, if your income is low or irregular, you might not meet the ‘minimum monthly deposit’ rules of a particular bank account. If you apply, you’ll be rejected based on your income patterns, even if you’re employed.
But, don’t worry. If you fall into any of these categories, there are options and Arro can help.
How can you get an account?
To get a bank account after being denied in the past, you can try to improve your credit rating by paying off debt and reducing the balance on your credit cards. But it’s a long process, and for people who are new to the UK, it’s particularly frustrating.
If you’ve got irregular or low income, there’s no quick solution.
Instead, you could open an Arro Early Access account and avoid all of this.
To get going with your Arro account, there are no credit checks, no hidden charges, and instead of waiting weeks for a high street bank, you’ll be up and running in a matter of minutes. You get everything a regular bank account would give you, without the hassle or worry. Just fill out our short application form and we’ll send you a contactless Mastercard® debit card, so you can withdraw money from ATMs or spend your cash in-store or online.
With your account number and sort code, you can receive your wages and can even manage your money online. If you’ve been denied a bank account in the past, Arro Early Access is an easy choice to make. Get your account here.