Bank Accounts

You are NOT automatically entitled to have a bank/building society account, however - there may be age restrictions, or you may need to regularly pay in a certain amount.  

You don't usually need to pay the financial institution a fee for looking after your money but this might change in the future.

Why might I need a bank account?

• to receive your salary if you're working
• if you are an HE student and entitled to a Student Loan
• If you receive state benefits

What type of account do I need?

Usually a current account, which could allow you to:

• Withdraw money from cash machines.
• Transfer money to other bank/building society accounts.
• Use a debit card to pay for your shopping (in-store or online).
• Pay bills automatically (by a 'standing order' or 'direct debit').

What do I need to think about when choosing?

• Whether you have access to the type of banking YOU need - for instance, some banks and accounts are only available on the internet or via the telephone.
• When the bank is open, the number of branches and their location.
• Whether the bank offers a good range of accounts.

What are my next steps?

1. Look at some of the money comparison websites to compare various banks/building societies
2. Call in and pick up some leaflets
3. You'll need to fill in an application form and provide proof of identity (such as a passport or driving licence), including proof of where you live. Check beforehand what's needed.

Finally...

Compared with a few years ago, it is now far easier to move to another bank or building society if you are dissatisfied. However, many people do stay with the same place for years - think about this when you are choosing where to bank!