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Open Banking explained

What is Open Banking?

Open Banking is designed to give you the freedom and flexibility to share your banking data with apps, competitors, and others.

It was introduced by the Competition and Markets Authority to enable smaller and newer financial services providers to compete more easily with bigger banks, whilst encouraging banks of all sizes to improve the services they offer to customers.

How does it work?

You can choose to share pieces of your Unity account information through Open Banking with other regulated third-party providers (TPPs). This could enable you to:

  • View your accounts from different banks all in one place
  • Get a better idea of the current accounts that may be right for you

These third-party providers will need to register with the Financial Conduct Authority (FCA), giving you added protection and peace of mind.

Is it safe?

Yes, your data won’t be shared without your consent and payments won’t be made without your approval.

When a third-party provider asks us for your account details, we’ll make sure they’re registered with the FCA first.

Data will be shared through a secure system that’s been tried and tested, and is standardised across the whole industry.

What if I’m not interested?

No problem. You don’t have to share any details through Open Banking if you don’t want to. If it doesn’t appeal to you, you can carry on banking with us exactly as you do right now. You’re in complete control.

Switching made simple

By switching your bank account to Unity you’ll be helping to create a better society.  You’ll also benefit from 24/7 access to your account using our Internet Banking service.

The Current Account Switch Service makes the process as easy as possible:

  • We’ll close your existing account for you.
  • We contact your existing bank for a list of your Direct Debit and Standing Order payments for the account you’re switching from.
  • You select the accounts you want us to move to us.

Switch to us

How we make a difference

We are a bank established to serve the needs of our customers and enrich society as a whole.  We work with organisations that aim to have a positive impact on society through economic, community or social change.

Our people support charities and communities through our ‘Unity in the Community’ (UitC) programme.  The Unity team is actively involved in volunteering and fundraising events  organised throughout the year.  Good causes are nominated by our people to receive donations.

To find out more about how we make a difference, view our Impact Report 2020. 

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