HOW TO OPEN AN ACCOUNT

BILLED as the bank accounts you can open from the comfort of your sofa in less than five minutes, these app-based options are easy to set up.

With Starling, for example, you open App Store if you have an Apple phone or Google Play Store if you have an Android phone. Search for the Starling app and download. After entering your mobile number, you’ll be sent a code to verify it’s your phone and then you’ll need to enter your personal details. It will also ask you to record a video ‘selfie’ and take a photo of your passport or driving licence to verify your identity. The bank will then contact a credit reference agency just as if you opened a High Street account. You should know if you’ve been approved within five minutes.

Most of the app-based banks follow a similar process.