Open a Bank Account in Guernsey

The need to open a bank account in Guernsey appears when an individual will derive personal income from an employer, or when a decision is made to open a company in Guernsey. Banks require different information and impose certain conditions for personal and corporate bank account creation, and our team details some of the most important aspects in this article.

Company formation in Guernsey is a straightforward process, and as part of these conditions, investors will need to choose a bank with which they will open a corporate bank account. Our team offers details about this essential step for company incorporation. Additionally, as needed, we can provide assistance and representation in front of a bank branch.

The first step once you determine that you will need to open a bank account in Guernsey will be to choose a bank branch, and then decide on the type of bank account. The latter is useful for individuals who open bank accounts and may decide between several options. Entrepreneurs will be asked to set up a corporate account for their business incorporation purposes.

Types of bank accounts

Banks offer different solutions for their clients. Below, our team lists some of the commonly found types of bank accounts:

• basic: suitable for everyday banking and for making payments, cash withdrawals, setting up standing orders or direct debits;
• premium accounts: offers the same features as the current account, however, can provide certain privileges to the holder;
• savings accounts: for those who wish to save for a fixed term or those who wish to save in a flexible manner;
• corporate bank accounts: offered to legal entities, opened by the company’s administrator/manager, based on the corporation’s registration documents; those who open a company in Jersey or in Guernsey can request the assistance of our team for this essential step.

Examples of banks for those who wish to open a bank account in Guernsey include the following:

• ABN Amro;
• Barclays;
• BNP Paribas;
• HSBC Bank;
• Lloyds Bank, and others.

These are licensed institutions, according to the criteria set forth by the Guernsey Financial Services Commission.

How to choose the bank

The following criteria are relevant to most clients:

• the bank’s international presence, or if the client already has a bank account opened with a certain bank;
• the features of the bank account (according to its type) and the service fees imposed by the bank;
• the  number of ATMs, and the functionality of the bank’s mobile app;
• other issues, such as bank account opening speed and ease.

Bank account fees to consider

Whenever you choose to open a bank account in Guernsey, you will need to consider the deposit to open the account (if needed), as well as the monthly fees and other taxes that may be imposed by the bank.

Below, our team lists some examples of bank fees to be aware of when opening an account in the Channel Islands:

• £1 to open a savings account;
• minimum deposit of £2,000 for certain types of savings accounts;
• minimum payments for advance bank accounts of £1,750 per month;
• cash withdrawal from ATMS can be limited to £300 per day with basic bank accounts.

If you wish to open a bank account in Guernsey, please be well aware that these fees are only for informative purposes. If you would like to ask specific questions, please reach out to one of our local agents.

As part of our services for companies and investors in Guernsey and in Jersey, we also offer assistance for Jersey trust company formation.

Contact us for more information on how to open a bank account in Guernsey, as well as for details on our other services for businesses.