what is a bank sort code

1 year ago 42
Nature

A bank sort code is a unique six-digit numerical code that identifies the specific bank and branch where a bank account was initially opened. It is used in the UK banking system to indicate where payment is going or coming from. Every bank account in the UK is assigned a sort code. Sort codes are used to route money transfers between financial institutions in the United Kingdom and in the Republic of Ireland. The initial digits of bank sort codes were originally allocated to settlement members of the Cheque and Credit Clearing Company and the Belfast Bankers Clearing Company. Today, sort codes are issued to any organization that will be a direct member of a UK electronic payment network.

When you open a bank account in the UK, your bank will give you an account number and sort code. These two strings of numbers are the foundation of your bank account and allow for money to be transferred into your account. The sort code identifies the specific bank and branch where the account was opened. It is typically printed on the bank card next to the account number. Online-only banks without branches may provide a single unique sort code that all clients use.