Kiss

Looking for a Bank Account?

With so many banks trying to get your business, how do you decide which is the right account for you?

There are 3 main types of bank account

Basic Bank Account - for managing ‘day-to-day’ money.  This account lets you receive money (wages/benefits) and pay any bills or direct debits.  You often get an ATM card so you can withdraw money from the hole in the wall, but not always a debit card.

Current Account – again for managing ‘day-to-day’ money, but with more features than a Basic Bank Account.  You will get a cheque book, a debit card and usually an overdraft.  But be careful, as the overdraft is not your money, it’s the banks, and there may be charges for going into the overdraft, or not paying it back on time (whether authorised or unauthorised)

Savings Account – used for putting money away (to save up for a holiday or car perhaps).  Some come with interest rates so you earn a percentage of the total in the account.

Your bank will send you regular statements with the transaction history and balance of your account.  Make sure you keep an eye on it to make sure its correct, avoid any charges and report anything suspicious to your bank immediately.  You may well be able to do this online as most banks now offer Internet Banking.

As with your statements, ensure that you keep your details secure to avoid the risk of fraud and identity theft.

For more information about managing your money, check out whataboutmoney.info.