Back to Your money
Basic Bank Accounts
Bank accounts can help you manage your money
on a daily basis.
With some Post Offices being closed, more
people are opening bank accounts so that their salaries, benefits,
tax credits and pensions can be paid into them.
There are many different types of bank
accounts but a Basic Bank Account is probably the
best option if you haven’t dealt with a bank before, as they do not
allow you to go overdrawn. Opening a bank account is easier than
you think and all banks should offer them.
A Basic Bank Account allows you to:
— receive money – such as your salary or
benefits
— pay your bills
— save money
— have a cash card to withdraw money from cash
machines
How to open a Basic Bank Account
1. Choose a bank with a branch near to home or
work
2. Make an appointment to speak to an advisor and
tell them what you need
3. Take along identification to prove your name
and address. A passport or driving
licence is best, or a
letter from a Government department of local council
confirming your
entitlement to benefits. Letters should be less than three
months old.
For more information on basic bank accounts
and how to open them please follow the link on the right.
Savings
Whether you need help with unexpected
outgoings or to cover the cost of bills, birthdays or Christmas,
then give your local Credit Union* a try.
Credit Unions are not-for-profit community
organisations run by members, for members. If you live or work in
an area with a Credit Union you can start saving with them and you
may also be eligible to take out an affordable loan.
If you can afford it, making regular savings
is a great way of planning for a special occasion or an unexpected
emergency such as your cooker breaking down. It doesn’t matter how
much you save, every little helps and you will be surprised how
even small amounts build up!
There are many ways to save, such as with a
bank or a credit union. Follow the related links on the right for
more information on how to start saving.
To find your nearest credit union visit the
ABCUL website