The most popular option for newcomers is Monzo. It's a branchless bank operating only through a mobile app (like Tinkoff in Russia). For registration, you only need a phone number and passport (or other ID). You also need a UK address. This is because Monzo accounts can currently only be held by UK residents (however, Monzo plans to expand to the US). App registration is very quick; the card arrives by post in one or two days. Don't try to open a Monzo account while outside the UK!
Generally, you can live without problems using only Monzo, but it may make sense to open an account with one of the large (so-called high-street) banks:
Unlike Monzo and other mobile banks, to open an account with a large bank you'll need proof of address (some utility bill you can pay while having a bank account — a catch-22) and work documents. It's worth contacting the bank in advance to ask if a letter from work will suffice. The letter needs to be requested from HR. The letter must include your address, your position, your salary.
Account opening takes some time (5-7 days); you can apply through the app or at a branch (but the nearest appointment may be a month away) if your documents can't be verified in the app.
If your income is £75,000 or more, you can apply for a premier account at Barclays. There aren't really special advantages though. You'll get special offers, discounts, a small cashback, and be offered a personal consultant.
Temporary alternatives:
Note that many alternatives aren't banks. You may have some limitations (can't receive salary, request bank statement, or connect direct debit). Lack of FSCS insurance isn't actually a problem since electronic money regulation in the UK is quite strict.
It's probably better to go straight to one of the large banks, such as Barclays or Lloyds.
Banks must comply with regulator requirements, so they strictly follow KYC — know your customer. To open a bank account, you almost always need to provide proof of address. Usually, these are utility bills.
On the other hand, to rent housing and put bills in your name, you need a bank account.
Several solutions:
Cash can be deposited into Monzo at any PayPoint, but they charge £1 per transaction. If you don't want to spend money and search for a PayPoint, just give cash to someone with a Barclays or other bank card with ATMs, let them deposit it into their account at the nearest branch to the office, and then transfer to you. All UK bank transfers are free.
PaySend — transfers with low fees (£1 per transfer regardless of amount).
Wise — fees are lower compared to better-known money transfer systems. They show in the app how much competitors charge. They also open bank accounts in some countries (which can be very useful) and issue MasterCard.
Revolut can be used, but probably shouldn't store large amounts. According to reviews, there are constantly stories where one fine day your account is blocked without warning.
Be careful when transferring. Transfers can't always be made without currency conversion. For example, transfers via Wise to Russia are only possible with conversion to rubles. There are other restrictions too.
You'll probably have to close the account. But large banks have international accounts. Google "{bank name} international." Check conditions carefully since this may only be for UK citizens.
By default, employees are enrolled in a pension scheme where part of salary goes to a private pension fund. For example, Aviva.
You can receive your pension even if you leave the UK later. Generally, whether you can receive a pension from another country depends on the provider, but they can be changed.
The minimum age to access your pension savings is 55. Theoretically possible earlier, but apparently only in exceptional cases.
You can opt out of the pension program, but it has advantages.
There's a pension calculator on the Aviva website.
Don't forget to register on the Aviva website and get full access to your pension plan. This allows you to:
Be sure to specify people who will receive the money if you don't live to retirement.
For full functionality, you'll need a Policy Number. It's usually in the paper letter Aviva sends after registration.
If you're sent a cheque, you can cash it either at a bank branch or through the mobile app. In apps like Barclays or Monzo, you can photograph the cheque. After some time, money will appear in your account.
A cheque might be sent by, say, an energy company that overcharged you. So it's not that rare.
To get an IBAN for a Barclays account, there's a special form on the bank's website.
SWIFT/BIC code: BUKBGB22