Can I open a bank account in someone else’s name?

Banks and other financial institutions have to work hard to prevent fraud – and that means when you apply for a new account, no matter who it is with, verifying your identity is an important part of the process.

We call this Know Your Customer, and it’s part of the reason why you usually won’t be able to set up a bank account for someone else, with very few exceptions.

To open a bank account in another person’s name, you’ll normally need to have special legal permission, for example if you are given Power of Attorney to manage the financial affairs of a person who is unable to do so for themselves.

Some reasons why you might be given this special permission include a severe physical injury that leaves the person needing help to manage their financial affairs, or a cognitive condition such as dementia.

Apart from those sorts of very special circumstances, usually the accountholder must apply in their own name, whether you verify your ID using physical documents and paperwork at the bank, or the automated online checks Arro Money use during our three-minute application process.

Set up an account for a minor

Maybe you want to set up an account for a child – and in this case, you could always just open it in your own name and take responsibility for the account, and make sure that you fully supervise any spending from it.

It would be your account, of course, but if you will be in control of any spending anyway – for example if it is just a pocket money account to keep a separate balance for your child’s savings – then there’s no reason why it shouldn’t be in your name.

You can apply for an Arro Personal Account in just three minutes, without a credit check or any impact on your credit file.

Every account has access to certain features that make it easy to manage your money in the ways you would expect from a current account.

There’s Direct Debit (not currently available, but it’s coming soon!) and Faster Payments, which you can manage online. A sort code and account number to receive funds. And a MasterCard® debit card you can use online and in shops, as well as for ATM withdrawals.

Arro accountholders must be over 18, so we can’t give you an account in your child’s name, but an Arro Personal Account is a sensible way to keep a secondary balance for them that is ultimately your responsibility.

Get an account for a foreigner new to the UK

Depending on your reasons for opening an account for another person, you might find the Arro Personal Account allows them to open it for themselves.

One example of this is people with a poor credit rating – as there is no overdraft or credit card, you don’t need a good credit score to open an Arro Personal Account, and your application won’t even show on your credit file.

For foreigners who are new to the UK, that means there’s no need for a good credit score in the UK. But what about proving their ID?

While the high street banks might ask to see extensive paperwork and official ID documents, at Arro Money we just run a quick automated online check.

It doesn’t access your credit file, and it has data for 160 countries, so even if you only just arrived in the UK, we can usually verify your identity.

Who can apply?

We welcome applications from as wide a selection of people as possible, and we only impose certain essential restrictions on who’s eligible. You must be:

  • Over 18.
  • Living in the UK.
  • Suitable according to our Fair Fit test.

We guarantee to approve your application if we can. There’s no credit check, just an instant online ID check. All of that means we are often able to approve accounts for people rejected elsewhere, including:

  • Applicants with bad credit.
  • Applicants with past bankruptcies.
  • Applicants with criminal records.
  • Applicants very new to the UK.
  • Applicants with no paper proof of address.

It takes just three minutes to fill in the signup form and as it doesn’t show on your credit file, even if you’re not sure your application will be accepted, you can get an answer in minutes with no credit score impact.

Once approved, you’ll receive your login, account details and debit card number immediately, so you can start funding your account, setting up any payments and using your virtual MasterCard® details online.