Opening an Everyday Bank Account
(Click here to see the path to opening a bank account)
Points to consider
· Can you get to the bank easily?
· What interest does the account pay? Does it have a debit card?
· Can I use telephone or Internet banking?
· Can I apply for an overdraft?
Having a bank account is very useful, you can have wages and benefits paid directly into your account. You can access your money as and when you need it keeping it save and secure.
There are different types of accounts choosing the right one to suit your needs is important.
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Basic Accounts
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Current Accounts
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Student Accounts
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Young person accounts
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Issued with a cash card
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This account offers additional benefits to that of the basic account
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This account again offers the same benefits as the other accounts
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You will be issued with a cash card
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You can withdraw cash and check your balance at an ATM or post office
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Issued with a debit card and cheque book
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In addition you could be issued with an interest free overdraft plan
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You can withdraw cash from an ATM or your bank depending on the account
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Set up direct debits and standing orders
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You can check your account online and through telephone banking
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Option for a student credit card
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You may be able to check balances online
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Have you wages or benefits paid in
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You can pay for goods with your card in a store or online
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Various student benefits.
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Receive regular statements.
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You maybe able to check you balances online
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You can send cheques to pay for goods
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You may be offered an overdraft facility
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You may be able to use your card abroad
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You will need photographic ID, also proof of address however if you are under 16 you will need your parents proof of address and their signature to open an account.
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To open the account you will need proof of address and another form of identification.
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You will need proof that you are a student or have been accepted. You can use your UCAS letter, you will also need proof of address.
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You will need photographic ID, also proof of address however if you are under 16 you will need your parents proof of address and their signature to open an account.
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Suitable Identification
· Photographic ID
For example - Passport , Driving Licence or provisional licence, matriculation card, young scot card.
· Proof of address
For example – current bill, bank statement, home insurance policy.
You can visit local branches or look on the internet for full details of the accounts and the ID they require.
If you are under 18, you don’t have to have photographic ID. You are able to use your original Birth Certificate or NHS medical Card.
If you don’t have proof of address you can have a parent or guardian confirm that you live at home by writing a letter to the bank stating who you are and where you live. Accompanying this letter, you may also need to provide a council tax letter with the adults name on. Schools can also write a letter to confirm your address.
http://www.direct.gov.uk/en/AdvancedSearch/Searchresults/index.htm?fullText=bank+accounts
This website offers advice about bank accounts
Useful websites
http://moneyfacts.co.uk/guides/banking/can-you-open-an-account-without-proof-of-address/
http://www.thesite.org/homelawandmoney/money/cashflow/basicbankaccounts
Tips
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When you have direct debits make sure that you manage your money and don’t miss a payment otherwise you will incur charges.
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Don’t take an overdraft unless you really need it.
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Beware if you go over your overdraft you will incur bank charges.
