Who can open an account with the Bank of England?
Members of the public cannot open a bank account with the Bank of England.
We are the central bank of the United Kingdom and the main issuer of sterling. Our mission is to maintain monetary and financial stability for the good of the people of the United Kingdom. To do this, we provide safe, confidential and reliable banking and custodial services that underpin our responsibilities as banker to the UK Government; a warden of financial stability; and a leading member of the network of central banks.
Our customers are the UK Government, other central banks, and some financial sector firms. Our services:
- provide the UK Government with near credit risk-free wholesale sterling facilities
- support sterling as a global reserve currency and the reciprocal reserve management requirements of central banks
- support both the financial stability aims of our supervisory functions and the tools of global financial stability through the operational network of central banks
Our approach is not to compete with commercial banks. The services we offer are different from the services of a commercial bank because:
- Our services are close to credit-risk free (the risk of us defaulting is close to zero).
- Our services are unlikely to be adversely affected by volatile market conditions.
- We are not motivated by profit.