Banking and savings
A bank account/credit union account can help you to manage your money.
More than one million people in the UK don't have a bank account. However basic bank accounts are available to those who don’t meet the conditions for a standard bank account.
Choosing a bank
When choosing a bank consider what’s important to you. e.g.
- Convenience - would you prefer a bank that’s near your home or one that’s nearer to work? Alternately, if you intend to use online banking may be physical access to a bank is not an issue?
- Technology - would you prefer to use a bank who offers the best online banking system as well as smart apps to help you keep track of your balance?
Whichever bank you opt for you can always change if something isn’t quite right or if you see a better offer elsewhere.
What are the benefits of a bank account?:
- It gives you the ability to pay your bills by; direct debit, standing order or online.
Being able to pay bills online:
- Saves you time - fewer trips to the bank, post office, cashpoint or council office
- Saves you money - no bus, train or parking costs plus; possible discounts for those paying by direct debit for larger bills like gas and electric
We encourage the use of direct debit to pay your rent. To set up a Direct Debit call us on 01202 319119 with your bank details including your sort code and account number.
Choosing a bank account
When choosing a bank account there are organisations on hand to help. E.g:
Credit Unions are similar to banks in that they offer loans and savings. Unlike banks they are non profit organisations. If for whatever reason you are unable to get a bank loan or open up a savings account then joining a credit union could be for you.
Choosing a Credit Union
To decide if a Credit Union is right for you first you need to find your local Credit Union(s)
Managing your bank or Credit Union account
Once you have set up an account with either organisation you need to keep track of your money (making sure you know what bills have been paid and what bills are about to be paid from your account).
Going overdrawn or not having enough to pay for direct debits can cost you in fees and charges (unless you have a fee free account). Some companies will also charge you extra if your direct debit fails to be paid to them on time.
To help you keep track:
- Many banks offer internet banking and / or Smart phone apps
- Use our Money diary
Why is it important to save?
- To pay for any unexpected emergencies.
- To have money to fall back on if you loose your job.
- To save for big occasions ie; a wedding, education, holidays, birthdays, Christmas etc.
How easy is it to save money?
The Money Advice service can advise: