Question 1

How long does it take to open an account?

Accepted Answer

About six minutes for a personal account, with most applications approved instantly. Business accounts are reviewed by a named relationship manager and typically complete within one working day.

Question 2

What do I need to apply?

Accepted Answer

A passport, national ID card or driving licence, a selfie for liveness checking, and a UK or EEA residential address. Business applications also need company registration details and ownership information.

Question 3

Can I apply if I have a poor credit history?

Accepted Answer

Yes. Current and savings accounts have no credit requirement. Only overdrafts and lending are subject to a credit assessment.

Question 4

Do you accept non-UK residents?

Accepted Answer

We accept residents of the UK, Ireland, the Netherlands, Poland and the United Arab Emirates.

Question 5

What does an account cost to run?

Accepted Answer

Nothing. There is no monthly fee on personal accounts, no fee for domestic payments, no card replacement fee and no charge for a paper statement.

Question 6

How do you make money then?

Accepted Answer

The margin between what we pay savers and what we charge borrowers, interchange on card spending, the published FX markup, and platform fees on higher-volume business accounts. None of it depends on you failing to notice something.

Question 7

Will my savings rate change?

Accepted Answer

Variable rates can move with the base rate, but any reduction is notified at least 60 days in advance and there are no introductory rates that expire.

Question 8

What is the FX markup?

Accepted Answer

0.28% over the mid-market rate for personal accounts, 0.31% for business. It does not vary with volume or negotiation.

Question 9

How does switching work?

Accepted Answer

We use the Current Account Switch Service. You choose a date at least seven working days out, and direct debits, standing orders, salary and balance move automatically. Your old account closes on the same day.

Question 10

What if a payment goes wrong during the switch?

Accepted Answer

The Current Account Switch Guarantee means any interest or charges caused by a switch failure are refunded. Payments sent to your old account are redirected for three years.

Question 11

Can I switch a business account?

Accepted Answer

Yes, for businesses with fewer than 50 employees and a turnover under £6.5m, under the same guarantee.

Question 12

Will Nordhaven ever call and ask me to move money?

Accepted Answer

Never. We will not ask you to move money to a 'safe account', read out a code, or install remote access software. If someone does, hang up and call the number printed on your card.

Answers without the hedging

Six areas

Opening an account

Fees and rates

Switching

Security

Payments and transfers

Protection

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