Bank Accounts

Once you leave school, it can be hard to get by without a bank account.

• Most employers will only pay you directly into your bank account
• You will probably need one to organise your finances when you are studying – however you are being funded
• The Government prefers benefits to be paid into bank accounts

There are lots of banks and building societies out there to choose from, all offering different types of account.

Current accounts are the most common, giving you instant access to your cash

Savings accounts are best if you want to put money aside over a longer period of time

Shop around on the High Street to see which banks and building societies offer the best rate of interest. You could also look at Internet only accounts.

You can have more than one account – which can help you organise your money better

Choosing the Right Account

A lot of banks and building societies offer free stuff when you open an account with them, things like CDs, vouchers or even cash. Whatever they offer, make sure that the account you choose is right for you:

Will you want a cash card? Does the account come with one?

What kind of transactions can you do at the cash machines? i.e. deposits, mini-statements

Do you need to go into the branch to take money out of a savings account?

Are their opening hours suitable and is there a branch near to where you live or study?

Does the bank have telephone and Internet banking services? Would these suit you better?

Choosing the Right Account

You can call in to any bank or building society to open an account. In most cases, you could even apply online or over the phone. You’ll be asked to provide some kind of identification – often two different kinds. Check with the bank to see what kind of ID you’ll need.

For more information about bank accounts see the Consumer Information section on the Financial Services Authority website