For Americans moving to the UK

UK Bank Accounts for Americans

By Matthew Duckett · Published 3 September 2026 · 5 min read

Yes, you can open a UK bank account as an American. Fewer institutions will take you than would take a Canadian or an Australian, and the reason is FATCA — the US reporting regime that makes some UK banks decide a US-person current account isn't worth the compliance cost. Knowing which parts of the market are open to you before you land saves a wasted afternoon in the wrong branch.

Why some banks decline US persons

FATCA — the Foreign Account Tax Compliance Act, enacted in 2010 — requires foreign financial institutions to sign up to a reporting scheme under which they identify accounts held by US persons and report relevant information to HMRC, which passes it to the IRS under the UK-US Intergovernmental Agreement. Institutions that do not participate are subject to withholding on US-source payments.

That withholding exposure is what pushed global banks to sign up. It also raised the compliance cost of serving US retail customers. For some UK institutions, the cost of maintaining FATCA-compliant systems for a comparatively small number of US-person account holders has come out against taking them on at all. The decision is commercial, not legal — US persons are not barred from UK banking. A portion of the market has simply closed itself off.

What does the market actually look like?

From placing American clients through account opening, these are the four parts of the market you will encounter:

• Major high-street banks with established FATCA compliance. In my experience these are the most reliable route. They require a UK residential address, a passport, a US Social Security number for FATCA self-certification, and usually a W-9 form. The process takes longer than an account opening for a British national, but these institutions are set up for it.
• Challenger banks and investment platforms. Policies here vary. Some decline US persons entirely; others have started accepting them in recent years. Policies change without announcement — the only reliable approach is to check directly before you rely on anything you have read.
• Digital-first accounts operating under e-money licences. These often have the most open policies toward US persons. Many can be opened before you have a UK address, which makes them useful as a bridge account while you establish yourself and before your high-street account is ready.
• International account products and US-headquartered institutions. Some international account products can be opened from abroad before arrival where the applicant meets the eligibility criteria. US-headquartered banks with UK operations are set up for US persons as standard.

The mistake I see most often is arriving without having checked any of this, and walking into whichever branch is nearest. The nearest branch is not always the right one.

What do I need to bring to open an account?

For any account opening with a UK high-street bank or equivalent:

• Passport.
• Proof of UK address. A utility bill or tenancy agreement dated within three months.
• US Social Security number. Required for FATCA self-certification at account opening.
• W-9 form. Some institutions require it; others don't. Completing one in advance avoids a delay if they do.
• Time for the self-certification step. The W-9 or equivalent process is not standard procedure for UK bank staff dealing with British nationals. The account opening may take longer than you expect.

For a digital-first e-money account, you may be able to open using a US address in the interim before you have a UK one. Check the requirements for the specific provider directly.

What does a UK account trigger on the US side?

A UK current account or savings account is a foreign financial account for US reporting purposes. Two separate filing obligations can apply, and they operate independently of each other.

FBAR (FinCEN Form 114) is required if the aggregate value of all your foreign financial accounts exceeds $10,000 at any point during the calendar year. That includes your UK current account, any savings account, and any other account held outside the US. FBAR is filed with FinCEN — separately from your tax return, and not with the IRS — by 15 April, with an automatic extension to 15 October.

Form 8938 (Statement of Specified Foreign Financial Assets) applies higher thresholds for those living outside the US. For single filers and those married filing separately, the threshold is $200,000 on the last day of the year or $300,000 at any point during the year. For married filing jointly, the thresholds are $400,000 and $600,000 respectively. Many Americans in the UK will need to file an FBAR but fall below the Form 8938 thresholds.

These are reporting obligations, not tax liabilities in themselves — filing does not create a bill. What your specific obligations mean depends on your individual circumstances, and this post is not a substitute for advice from a cross-border tax adviser.

Investment platforms are a separate question

Some UK investment platforms decline US persons not because of FATCA compliance on the UK side, but because of PFIC — Passive Foreign Investment Company — rules on the US side. PFIC creates complex filing requirements for Americans holding certain types of funds, which includes many of the funds that UK platforms offer as standard. This is distinct from the bank account question, and explaining the mechanics is outside the scope of this post.

If you are planning to invest from the UK, engage a cross-border tax specialist before you open any investment account. The question to ask them is which types of account and which types of fund are practical for a US person resident in the UK — before you apply, not after.

What should I do before I arrive?

The sequence I advise:

Set up a digital-first e-money account before you land. Most can be opened from the US with a US address. It gives you somewhere to receive money from day one, before your high-street account is established.

Once you have a UK address — a tenancy agreement or a utility bill — apply to a major high-street bank. Bring all of the documents listed above. Do not assume the process will run at the same pace as a standard account opening for a British national.

Do not rely on a challenger bank or investment platform until you have confirmed it accepts US persons. Call or check the website directly before you go in person. Policies change, and a list that was accurate six months ago may not be now.

For the FBAR and Form 8938 side, engage a cross-border tax adviser before or shortly after you arrive — not at the end of your first year when the filing deadlines are already in sight.

This sits in the same category as a lot of UK arrival admin: it is not complicated, but it catches people who assumed it would work the way it does at home. Your driving licence follows the same pattern — a set of rules that differ from what Canadians and Australians face, with its own window running from a date you might not have registered. More about how we approach the full arrival picture is on the About page.

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General guidance only. Moovedin provides relocation guidance and planning support. This article is not legal, tax, immigration or financial advice. FATCA and FBAR reporting requirements, Form 8938 thresholds, and bank policies on US persons can all change, and your obligations depend on your individual circumstances. Verify specifics with a cross-border tax adviser and with each institution directly before relying on any statement in this article.