Managing your money

Choosing the right bank account for your needs can help you to manage your money, make paying your bills and debt easier and reduce your dependency on cash.

• Current account

  Allows you to:

  • pay bills by Direct Debit or standing order
  • receive automated payments, such as salary, wages or benefits
  • set up overdraft limits
  • pay for things with a debit card and withdraw money from cashpoint machines
  • using a secure bank app to check and make payments
  • set up messages alerts to warn you of a low balance.

  If you have trouble opening a bank or building society account, you may want to consider opening a credit union account or basic bank account.

• Basic bank account

  Allows you to:

  • set up direct debits and standing orders to pay bills
  • allow you to pay for things with a debit card
  • access ATMs
  • use online or phone banking.

  Basic bank accounts do not allow you to:

  •  ake use of cheque books
  • set up overdraft limits
  • support cashback and interest perks.

   

  The following banks have agreed to provide this type of account, these are:

  • Barclays
  • the Co-operative Bank
  • HSBC
  • Lloyds Banking Group (including Halifax and Bank of Scotland brands)
  • National Australia Group (including Clydesdale and Yorkshire brands)
  • Nationwide
  • RBS Group (including NatWest and Ulster Bank brands)
  • Santander
  • TSB
  • Virgin Money.

  
  Not all banks have open criteria and so each bank’s personal eligibility criteria should be checked. Not all banks will provide debit cards, and services available will vary between the various accounts.

  There are also many new style bank accounts, that are managed online or through dedicated apps. Some examples are:

  • Monzo
  • Revolut
• Credit Union account

  The type of support offered is dependent on the credit union.

  One local credit union is West Country Savings and Loan. 

  Most credit union accounts will allow you to:

  • receive wages, salary, benefits, pensions, and tax credits
  • pay cheques in for free if they are in British pounds sterling
  • pay money in over the counter at the credit union
  • get money out over the counter or from some cashpoint machines
  • check your account balance over the counter or from some cashpoint machines.

  Some credit union accounts will allow you to:

  • pay your bills by direct debit or standing order
  • set-up pre-paid cards
  • offer money management support tools and saving accounts.

   

  There is a small monthly charge for this type of account