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- How can a bank account help me to manage money?
How can a bank account help me to manage money?
A bank account can help you to manage your money. It also saves you from having to carry cash with you all the time.
There are different types of bank accounts:
Basic bank account
- You can have your salary and /or any benefits paid into the account.
- You can take money out at cash machines with a cash card.
- Pay your bills by Direct Debit.
- Some banks let you have a debit card to pay for your shopping.
- You don't need to pass a credit check to open a basic account. So long as you have money in the account to pay out any direct debits, you won't get charged.
With a basic bank account you:
- Don’t get a cheque book
- Don’t get an overdraft facility
Current account
A current account can be used for day-to-day things like paying in salary or benefits, paying bills and taking money out.
- You can have your salary and/or any benefits paid into the account.
- You can take money out at cash machines with a cash card.
- Pay your bills by Direct Debit.
- A debit card to use in shops.
- Can have an overdraft facility.
- You may get a chequebook if you are given a cheque guarantee card.
Credit Union account
Credit Unions are run by the local community, and they can offer low-interest loans and savings accounts.
Some Credit Unions also offer bank accounts. Find your local Credit Union.
You can also learn more about opening and running a bank account on Money Helper