What are the other kinds of bank accounts UK residents can get?
Over the years many people have grown increasingly bored of the same old bank accounts UK high street banks offer, with the same old introductory offers to entice you in.
The gift vouchers may have changed from record shops to iTunes downloads, but the principles are still the same – a freebie to attract you in the first place, in the hope that you’ll just never switch your account provider later in life.
At the same time, it’s easy to find your personal debt starts to rack up once your account is up and running, as you may be offered an overdraft you don’t really need, and prompted to take out a credit card or personal loan every time you log on to your internet banking, and sometimes even over the counter in your branch.
It’s no surprise that people have started to look to the other kinds of bank accounts UK residents can get, including the simplicity and convenience of virtual bank accounts online and the accessibility of no-credit bank accounts.
Away from the high street
Of course the UK has always also had building societies – at least for several generations – and although some of them became banks in the 1990s, there are still some building societies out there.
Generally they were always geared more towards savings accounts than current accounts, but they remain a legitimate alternative to high street bank accounts in the UK.
There are also so-called ‘challenger banks’, new financial services start-ups offering fairly traditional bank accounts, but without you having to use the massive high street bank chains.
It’s an alternative to the huge multinational banking groups, but the accounts themselves often don’t have much originality to offer, and you might basically end up with a conventional high street bank account, but with very few branches nationwide where you can actually get service when you need it.
Online accounts such as the Arro Personal Account are not necessarily bank accounts – in our case, we are regulated as an online money services provider, not as a bank – but they can also sometimes offer more originality and innovation.
Some function as an e-wallet, where you must transfer funds in from a traditional bank account held elsewhere, whereas some like the Arro Personal Account give you a sort code and account number so you can use your virtual online account as your primary current account if you wish.
Unlike the high street banks and bricks-and-mortar challenger banks, Arro Money is driven by technology and an online first approach to accounts – our online dashboard was purpose-built to be your first port of call when managing your money.
It’s thoroughly tested to make sure it’s secure, and all data is encrypted too, with UK-based support when you need it.
Bridging the gap
With an online account you have access to manage your money around the clock, seven days a week, with an online dashboard that is designed to be the primary way of doing so.
You can get direct support when you need it – and importantly, you can also get at your money while you’re out and about, if you ever need to.
With every Arro Personal Account, you get a MasterCard® debit card in the post, and this can be used to make cash withdrawals at ATMs, and to pay for purchases directly in shops – so you’re not stuck with an account that you can only use to buy things online.
Having said that, your MasterCard® is also widely accepted online, and we even send you the card details via SMS as soon as the card is issued, so you can use it for online shopping before the physical card has arrived in the post.
Get an Arro Personal Account
The Arro Personal Account application process is based entirely online – just fill in the signup form to give us your name, date of birth, UK address and contact details.
If you live in the UK, you’re over 18 and you pass our basic Fair Fit test of eligibility, we guarantee to accept you, and will open your account as soon as our automated online ID check is completed.
You can have a new online account up and running in just three minutes, with a sort code, account number, MasterCard® virtual debit card and a login for your dashboard to start managing your account and making payments – all in the time it would take you to even join the back of the queue in a high street bank branch.