Banking in the UK as an American: FATCA forms, the address catch-22 and moving your money

Short answer: yes, you can open a UK bank account with a US passport. The hard part usually isn't your citizenship. It's proving where you live before you have anything with your new address on it.

The short version

• The UK and the US signed a FATCA agreement on September 12, 2012. UK banks identify accounts held by US citizens and report them to HMRC, the UK tax authority, and the information makes its way to the IRS [1].
• Expect a tax self-certification form when you open an account. Answer the US citizenship question honestly and have your Social Security number ready.
• The classic headache is proof of address: you need a bank account to rent an apartment, and a lease or bill to open a bank account. There are ways around it [2].
• The Financial Services Compensation Scheme (FSCS) protects eligible deposits up to £120,000 per person, per authorized bank, since December 1, 2025 [3].
• Uncle Sam still wants an FBAR once your foreign accounts top USD 10,000 combined at any point in the year, and possibly Form 8938 [4].

USD conversions in this guide use the Federal Reserve H.10 rate of October 30, 2026: £1 = USD 1.3398 [5].

FATCA in the UK: what the bank asks and why

FATCA is the US law that requires foreign banks to report accounts held by Americans. Rather than every British bank dealing with the IRS directly, the UK signed an intergovernmental agreement with the US in 2012. Under the UK's International Tax Compliance Regulations 2015, banks and building societies identify and report accounts held by US citizens and US entities to HMRC [1].

In practice, that means a self-certification form during account opening. It asks where you're resident for tax purposes and asks if you're a US citizen or US tax resident. If you check "yes" (and as an American you should, even if you also hold a British passport), the bank will ask for your US taxpayer identification number, which for most people is your SSN.

A few heads-ups:

• Don't fudge it. A US birthplace in your passport, a US phone number or a US mailing address will flag the account anyway, and a mismatch can lead to the account being frozen while the bank sorts it out.
• Dual citizens are in the same boat. A British or Irish passport doesn't take you off the list.
• Some institutions say no. Most big UK banks accept American customers. Some investment platforms and smaller providers have historically turned away US persons because of the reporting work, especially for investment accounts. If you're refused, ask why.

The proof-of-address catch-22

Back home, you'd open a checking account with a driver's license and an SSN in 20 minutes. In London, banks want ID plus proof of your UK address, and new arrivals often have neither a lease in their own name nor a utility bill yet. Meanwhile, landlords and employers want your UK bank details. Welcome to the loop.

MoneyHelper, the UK government-backed money guidance service, lists alternatives banks may accept when you don't have the usual documents, including letters from your local council or your GP, and a letter from an employer, college or training provider confirming your identity and address [2]. Registering to vote can help with some banks' checks, though as a US citizen you can only register in the UK if you also hold British, Irish or qualifying Commonwealth citizenship.

Ways Americans usually break the loop:

1. Ask your employer for a letter on company letterhead confirming your job and UK address (even a temporary one). Many London employers do this routinely for new hires.
2. Use your relocation package. Some employers have arrangements with a bank for incoming staff. Ask HR before you land.
3. Open a digital bank account first. App-based banks verify you with your passport and a selfie, and some are more flexible about proof of address. Use it to receive your first paycheck and pay a deposit.
4. Get a bill in your name fast. Once you're in your apartment, a council tax bill or an energy bill is gold. Use it to open an account with a high-street bank.
5. Ask about a basic bank account. These fee-free accounts have no overdraft and are often offered when you don't qualify for a bank's standard current account [2].

High-street banks vs digital banks

A UK "current account" is what we'd call a checking account. Most come with a debit card, online banking and free domestic transfers through the Faster Payments system, which moves money between UK accounts in seconds. Paper checks are rare; if a landlord asks you for one, that's unusual.

High-street banks

The big names you'll see on every main street are Barclays, HSBC UK, Lloyds, NatWest and Santander UK, plus building societies like Nationwide. They have branches, which helps if you need to sort out paperwork in person, and they tend to be the most familiar to UK landlords and employers. Some offer international or premier accounts for higher earners or newcomers; check the eligibility rules and monthly fees before you sign up.

Digital banks

App-only banks such as Monzo, Starling and Revolut are widely used in London. Account opening happens on your cell phone, and they're popular with new arrivals because they can be quicker to open. They ask the same FATCA questions as any UK bank. Policies on US citizens and on proof of address can change, so read the bank's current eligibility page before you apply rather than relying on what a friend did a few years ago.

One quirk to know: some digital providers hold an e-money license rather than a full banking license, or offer both types of product. E-money accounts are not covered by FSCS deposit protection in the same way. Check what you've actually signed up for.

FSCS: the UK's version of the FDIC

The Financial Services Compensation Scheme protects eligible deposits if a UK-authorized bank, building society or credit union fails. From December 1, 2025, the limit rose from £85,000 to £120,000 per depositor, per authorized institution (about USD 161,000) [3].

There's also protection for "temporary high balances" from life events such as selling a home or receiving an insurance payout. That limit rose from £1 million to £1.4 million (about USD 1.9 million) on the same date [3].

Compared with the FDIC's USD 250,000 per depositor, per bank, per ownership category, the UK cap is lower, so spread larger balances across separately authorized banks. Watch out for brands that share one banking license: they count as a single institution for FSCS purposes.

Moving money between the US and UK

Most Americans keep at least one US account open for Social Security, a 401(k), US credit cards and anything still billed in dollars. Keeping a US address on that account can be tricky; our guide to keeping a US bank account explains why.

On a big transfer, compare the rate you're offered with the mid-market rate. A 2% markup on a £50,000 home deposit is £1,000 (about USD 1,340) gone.

A heads-up on investing: Cash ISAs and Stocks and Shares ISAs are tax-free in the UK but not for the IRS, and UK funds are usually PFICs under US rules. Read our ISA guide before you open one.

What you still owe the IRS

Your UK bank already reports you through HMRC, but you still have your own filings:

The FBAR is filed electronically through FinCEN's BSA E-Filing System, separate from your 1040 [6]. Interest on UK accounts is taxable on your US return. A US expat tax preparer can check your situation, especially if you have joint accounts with a non-American spouse.

Your first-month banking checklist

1. Before you fly, ask your employer for an address letter and whether they have a bank arrangement.
2. Week one: open a digital account with your passport so you can get paid.
3. Once you have a lease or bill, open a high-street current account if you want a branch.
4. Answer the FATCA form honestly and give your SSN.
5. Keep a US checking account and a no-foreign-fee card for the transition.
6. Pick how dollars will move: wire, transfer service or multi-currency account.
7. Start your FBAR list with each account's highest balance in the year.

Swapping notes on which banks were easiest is one of the most common threads in our community group for Americans in the UK.

Sources

1. HMRC International Exchange of Information Manual: Background to FATCA (IEIM400040)
2. MoneyHelper: What is a basic bank account?
3. Bank of England: PRA confirms FSCS deposit limit to be increased to £120,000 from 1 December
4. IRS: Comparison of Form 8938 and FBAR requirements
5. Federal Reserve: H.10 foreign exchange rates
6. IRS: Report of Foreign Bank and Financial Accounts (FBAR)

Keep reading

• ISAs and US tax: why they don't work for Americans
• Renting in London
• FBAR: reporting your foreign bank accounts
• Sending money between the US and abroad