All fees, limits and requirements checked 7 November 2026 from the FSCS, HSBC, Barclays and MoneyHelper. Banks change their rules — always verify on the provider's site before applying. Estimate only — not tax or financial advice.
The short answer: start digital, add a high-street account later
If you are moving to the UK, open a digital account the week you arrive — Monzo, Starling or Revolut will give you a sort code, account number and debit card within days, with no proof of UK address. Then, once you have a tenancy agreement or a council-tax bill, open a high-street account with HSBC, Barclays, Lloyds or NatWest for the things digital banks do badly: cash deposits, branch help, and a long credit history. That two-step setup is what most expats actually end up with, and it costs nothing.
Disclosure: This page contains an affiliate link to Wise. If you open an account through it, we may earn a commission at no extra cost to you. It does not affect our ranking — Wise is listed because it is the cheapest way to move money between the UK and Pakistan, not because it pays us.
Best UK bank accounts for expats compared (2026)
| Account | Monthly fee | Open before arrival? | FSCS protected? | Best for |
|---|---|---|---|---|
| Monzo | £0 | No — needs UK address | Yes (£120,000) | Everyday spending, budgeting |
| Starling Bank | £0 | No — needs UK address | Yes (£120,000) | Everyday banking, no fees abroad |
| Revolut | £0 (Standard) | Yes, with UK phone | Yes (£120,000) | Multi-currency, travel |
| Wise | £0 | Yes | No — payment institution | Transfers to Pakistan, 40+ currencies |
| HSBC UK | £0 (basic/current) | Via HSBC Expat (Jersey) | Yes (£120,000) | Branch banking, global network |
| Barclays | £0 (basic/current) | Via Barclays International | Yes (£120,000) | Branch banking, mortgages later |
| Monese | £0 (Simple) | Yes — passport + selfie only | No — e-money | Arriving with no UK address at all |
Fees and features checked 7 November 2026. FSCS protection is £120,000 per person per institution since 1 December 2025 (it was £85,000 before that).
Open before you arrive: HSBC Expat and Barclays International
Two routes let you land with a working account. HSBC Expat (based in Jersey) opens accounts in 19 currencies for people moving to the UK, and the HSBC International Banking Centre handles pre-arrival applications without a UK address. Barclays International accepts applicants from around 70 eligible countries — though some of its tiers expect £100,000 or more in deposits, so check the tier before you apply. Both are proper banks with FSCS protection on their UK products, and both make the first month far easier: your employer can pay your salary from day one and you are not carrying cash.
The big four high-street banks
HSBC, Barclays, Lloyds and NatWest all offer free current accounts, but they all ask for the same two things: a passport (or other photo ID) and proof of a UK address — a tenancy agreement, a council-tax bill or a utility bill less than three months old. That is the catch for new arrivals: you cannot open the account until you have the address, and you cannot easily rent without a bank account. The practical fix is the digital account first, high-street account second. Once you have one, the high-street account is worth having: it builds your UK credit history, which matters for renting, phone contracts and later a mortgage.
Digital banks: Monzo, Starling, Revolut and Wise
Monzo and Starling are full UK banks (FSCS-protected) that open with an ID check and a UK phone number — no proof of address needed for most applicants. Revolut took a full UK banking licence in 2025, so its deposits are now FSCS-covered too, and it is the strongest of the four for holding and spending in multiple currencies. Wise is different: it is a payment institution, not a bank, so its balances carry no deposit-guarantee cover — but it is the cheapest way to send money from the UK to Pakistan, which is why most expats keep it alongside a real bank account rather than instead of one. See our UK to Pakistan transfer guide for the exact costs.
Deposit safety: the FSCS £120,000 limit
The Financial Services Compensation Scheme protects up to £120,000 per person, per institution — raised from £85,000 on 1 December 2025. The "per institution" part matters: HSBC and First Direct share one licence, so £120,000 across both is still one £120,000 limit. E-money accounts (Monese, and Wise balances) are not FSCS-covered; your money is safeguarded in a separate client account instead, which is a different and weaker protection. Rule of thumb: keep your savings in an FSCS bank, and use e-money accounts for spending and transfers.
No fixed address yet? You still have rights
UK law gives anyone with the right to live here access to a fee-free basic bank account — no credit check, no minimum income. And the No Fixed Address scheme (run with Lloyds, NatWest, Barclays, Nationwide and Santander) lets people without a permanent address open an account using a shelter, charity or support worker as a correspondence address. If a bank turns you away, ask specifically for a basic bank account — staff sometimes offer only the standard account, which has stricter checks.
Fees to watch
Most UK current accounts are free, but the traps are elsewhere: overdraft interest (often 35–40% EAR), cash withdrawals abroad (Monzo and Starling are free within limits; high-street banks typically charge around 2.75% plus a fixed fee), and international transfer markups (high-street banks commonly add 3–4% to the exchange rate — always compare with Wise before sending money abroad). None of the accounts in our table charges a monthly fee on its free tier.
Our verdict: Open Monzo or Starling the week you arrive for everyday banking, add Wise for transfers to Pakistan, and open an HSBC or Barclays account once you have a UK address for branches and credit history. Keep savings in FSCS-protected banks only — the £120,000 limit has applied since 1 December 2025.
Related guides
- Free Cheapest Way to Send Money from the UK to Pakistan
- Free UK Net Salary Calculator 2026/27
- Free Expat Finance Offers in Europe (2026)
- Free Best Bank Accounts in Germany for Expats
Sources
- Financial Services Compensation Scheme — £120,000 limit from 1 December 2025 (checked 7 November 2026)
- HSBC UK — current accounts and ID requirements (checked 7 November 2026)
- MoneyHelper — bank accounts for people new to the UK (checked 7 November 2026)