The alternative Online Banking Personal Account
If you are looking for an alternative to a traditional online banking personal account, the Arro Personal Account is the solution to your online money management needs.
Arro is not a ‘digital bank’ in the traditional sense, but is regulated by the Financial Conduct Authority to conduct electronic money service activities.
This allows us to challenge the status quo of online banking with a practical, flexible alternative – the Arro Personal Account.
It’s not a bank account in the technical sense, but it gives you a sort code, account number, debit card and online money management platform – so if you’re looking to open a bank account online UK accountholders could find the Arro Personal Account to be a much better option.
Why open an alternative to digital bank accounts in the UK?
The Arro Personal Account gives you many of the features you would expect when you open a bank account online in the UK, although it is important to remember that Arro itself is not a digital bank in the technical sense.
With an Arro Personal Account you get:
- A sort code and account number for your new current account.
- A virtual MasterCard® debit card sent immediately via SMS.
- A physical cash card plus MasterCard® debit card in the post.
- Access to the custom-built Arro money management online dashboard.
As we are not a conventional digital bank, we can do things differently. We do not provide credit cards or overdrafts, so there is no need for credit checks.
In fact, we guarantee to accept all applications that meet our basic eligibility and Fair Fit criteria.
Am I eligible?
If you are over the age of 18 and live at a UK address, then yes, you are probably eligible, and there are only very few unusual situations where we would not be able to approve you for an online current account.
You do not have to be a permanent UK resident, as long as our street-level verification process can confirm the current UK address you provide us with.
That means we can offer the Arro Personal Account to:
- International students with a term-time UK address.
- New arrivals to the UK with no proof of long-term address history.
- Accountholders with an ‘undesirable’ address history eg prison or homelessness.
These are just some specific examples – if you are over 18 with a UK address, you already meet our basic eligibility.
Remember also that with no background credit check, there is no black mark left on your credit file either way, and your current credit rating will not have any bearing on whether or not you are approved for your new account.
How fast will I know if my application is successful?
Almost instantly. The entire Arro Personal Account application process can be completed within three minutes, we don’t ask for years and years of bank statements or proof of address, just simple, current details that you should have easily at hand.
We verify the information you provide us with online in seconds – without ever accessing your credit file – and assuming we can confirm your identity using existing online databases, your account will be opened immediately.
The first things you receive are your sort code, account number and access to the online money management dashboard, as well as your virtual MasterCard® debit card details via SMS, so you can start making online purchases and payments.
A few days later, all being well, your physical MasterCard® with a matching card number should arrive in the post, so that you can withdraw funds from cash machines and make in-person purchases.
Why is the Arro Personal Account better?
So, why choose Arro over a conventional digital bank account?
We think the Arro Personal Account speaks for itself:
- No setup fee and only minimal transaction fees (published upfront online).
- Full sort code and account number to receive online banking transfers.
- Custom-built online dashboard to make Faster Payments and Direct Debits.
- Virtual MasterCard® details sent via SMS within minutes of approval.
- Physical cash card plus MasterCard® sent via post within a few days.
- NO credit checks, ever.
- Guaranteed approval subject to Fair Fit eligibility criteria.
It’s a list that goes on and on, especially if you have found the conventional high street banks or digital banks are reluctant to approve you for even a basic current account.
At Arro we welcome all applicants, whether you are new to the UK, an international student, have served a bankruptcy or criminal conviction, or just want a flexible, easy way to manage some of your money separately.