Is it possible to open a new bank account without any proof of employment?

[munchy]

Hi all. I am considering opening a new account and closing my current account and am wondering how strict the banks are these days. I presume one needs a job to open a new bank account. I dont need any credit cards etc, just an account.

 

[Gulliver]

All sorts of people open accounts without proof of employment - students, stay-at-home parents, retired, etc. However, if you have a source of income, the bank is required to make an enquiry from you about the source, to satisfy money laundering regulations.
If the account, or any facility associated with it (cheque book, credit card, etc.) has a credit risk then the bank will make more detailed enquiries.

 

[Gulliver]

hey Munchy,
As Gulliver said you should only give some guarantees to the bank so you can enjoy all the services that they provide to you.

Gulliver never suggested that you should give guarantees!!

 

[munchy]

welll... thanks very much!
I presume then that I dont have to give a guarantee then

 

[Gulliver]

Munchy
My grandfather lost the majority of the proceeds of sale of his large farm as a result of a guarantee given without due thought!!

Guarantees should only be given when all else fails, and certainly should not arise unless you are borrowing a significant amount from the bank