You can find several types of banking account that can be used for various reasons.

You can find several types of banking account that can be used for various reasons.

If you would like get a brand new banking account, you can find things you ought to discover:

Kinds of bank-account

Right Here we inform you of the key forms of bank-account, and just just just what you should use them for.

Present records

You need to use a present account to allow you to handle your money day-to-day. This consists of:

  • Spending your bills
  • Getting cash – such as for instance your wage or advantages
  • Keeping tabs on where your hard earned money goes.

Some present reports can additionally enable you to get interest regarding the cash you have got when you look at the account, even though this is going to be significantly less than numerous cost savings reports.

By having a present account, you’re getting a cheque guide used to simply take money away. You may additionally obtain a debit card that can be used in stores and money devices. The financial institution may allow you to have an access and overdraft to many other types of credit. You’ll be permitted to put up direct debits and standing instructions.

Some banks allow you to cash an account that is current cheque or make use of your money card during the postoffice, cost-free. Pose a question to your post that is local office this can be done clear of your present account.

Postoffice card records

You ought to just make an application for a Post Office card account if you can’t get yourself a bank or society account that is building.

It is possible to only work with a Post Office card account to obtain re payments of:

  • Advantages – however the Department for Perform and Pensions (DWP) might will not spend Universal Credit as a postoffice card account
  • State Pension
  • Income tax credits

You can’t spend some other earnings as a postoffice card account.

Read moreYou can find several types of banking account that can be used for various reasons.

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