Banking
You might think that a bank account is not for you, but having a bank account can save you money, for example:
- You can get discounts on household bills when you pay by Direct Debit
- You can pay in cheques without having to pay fees
- You can normally get your money out free of charge.
You don’t have to have an overdraft if you tell the bank you don’t want one, and having an account makes it easier to get a job, as most employers will only pay wages into an account.
Maybe you have been refused an account in the past, or think you don’t have the necessary identification documents to open an account. But most of the high street banks now offer basic bank accounts. The identification requirements for these accounts are less strict. And for most basic bank accounts you don’t need to put any money in to open one, with others £1 is all that’s needed.
The FSA booklet ‘Basic Bank Accounts - your questions answered’ sets out:
- why you may choose to have a basic bank account;
- how to choose the right account for you; and
- how to open one.
Many of these accounts let you get your money at the Post Office
You might also be interested to know that many credit unions offer savings accounts, where you can pay money in and take money out. You can also have your benefits or wages paid straight into some credit union accounts.
Some credit unions also offer budgeting accounts, where you pay in a set amount each week/month and they then pay agreed household bills as they become due.
A few credit unions now also offer current accounts and the ‘moneylines’ can also help you to open an account.
