Bank Accounts

What’s in a bank account?

Here we look at the different types of bank accounts - namely basic, current and joint accounts.

Basic

Click here to see what basic accounts are available from the main high street banks and their basic underwriting criterea.

With a basic bank account you can pay money in, draw cash out by card and set up payment directly to pay your bills. You can only withdraw the money if there is enough in the account.

These types of accounts do not usually let you overdraw by more than £10. If you pay your bills by Standing Order or Direct Debit then you will need to ensure that you have enough money in the account in the first instance, otherwise you may have the payment refused and receive bank charges accordingly.

Do I need to open a bank account?

Most individual’s income such as state benefits, tax credits, student loans, maintenance allowance, wages and pensions is now paid direct into a bank account , therefore, not to have one can prove to be an inconvenience. ...