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Paying a deposit into a new bank account

Last Edit: 24/08/18

After a customer has been approved for a new bank account, many UK banks require the customer to deposit a sum of money into the account -- within a month or three month period etc -- or the account will be closed. The ways in which the customer can deposit into their account will depend upon the financial institution and the type of account; for example, some bank accounts are only administrated through the post. For financial institutions who do not have bank branches, the options will be limited in comparison to institutions with branches.

Financial institutions will have accept payment via one of the following option:

  1. A cheque (post or branch)
  2. Standing Order, BACS, CHAPS or FPS electronic transfer
  3. Direct debit
  4. Telephone

Alongside the above, banks with high street branches can also accept deposits into a new account via:

  1. Cash
  2. Transaction slip

Likewise, the above applies if you wish to withdraw funds from a new bank account. Banks in the United Kingdom are planning/hoping (as of 2012) to phase out bank cheques; therefore, this option may not be available in upcoming decades. The quickest way to transfer funds into a new account is via cash or an electronic transfer (such as BACS). If a customer is transferring funds from another financial institution via a cheque, the cheque clearing cycle will take upto six weekdays (Monday to Friday, except bank holidays) to clear into the new bank account. However, for banks using the Cheque Imaging System, it is hoped that cheques will be cleared faster.