HSBC has launched a new service to help people moving to the UK set up a bank account.

The high street bank’s Passport account is aimed at the 590,000 people who come to live and work in the UK each year. The account has been designed so that people can set it up online before they arrive in the UK.

The group, which is the first major bank to offer a service of this kind, said many people moving to the UK were not aware of the need to prove their identity and address in order to open an account, or that banks had to establish credit and employment histories.

As a result, many ended up only being eligible for a basic bank account, which does not offer the full range of banking services.

Joe Garner, head of UK personal financial services at HSBC, said: “About 590,000 people come to live and work in the UK every year and our customer research shows that migrants regard having a bank account as one of the most important aspects of settling in.

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