There are a number of different types of bank, and many banks incorporate several functions at the same time. Here we set out definitions of some of the most common types of bank including the useful key technical terms and explanations of the main variations between different types of bank. More ...
A Basic Bank Account allows you to manage day-to-day money and will usually provide you with a bank card but will not let you become overdrawn. Your wages and benefits can be payed directly into it, and bills can be payed direct from your account. More ...
A Current Account helps you manage money going in and out on a day-to-day basis. This type of account usually offers an overdraft facility but will charge severe penalties if you fail to repay what you borrow, or go over your agreed overdraft allowance. More ...
Opening an account with a bank or building society is a relatively simple process, but you will usually be asked for proof of identity and proof of residence. You will also have to fill out an application form, and in some cases pay an amount of money into your new account. More ...
When you open a new bank account, your bank or building society will give you information and details about how best to manage your finances. Most accounts will send you monthly, quarterly or yearly statements by post so you can keep track of the payments in and out of your account. More ...
All accounts will allow you to pay in cash and cheques that are made payable to you. Most will also be able to take electronic payments and automated transfers. Your account can also receive your salary or benefit payments through an automated transfer system known as "Bacs". More ...
There are many ways to pay money out of your bank account - you can pay your regular bills by direct transfer or by cheque, you can use a bank card for purchases in shops or online and for withdrawing cash from cash machines. More ...
An overdraft is a way of borrowing money on your current account, your bank or building society can allow you to cover short-term cash-flow problems when there is no money in your account. You should always try and avoid going over your agreed overdraft, as the resulting penalty charges can cost you a lot of money. More ...
Banking Cards allow you to pay for goods and services and withdraw money with ease. There are a number of different types of card available, each with various features designed to be used in different ways. More ...
There are a number of simple steps you can take to prevent criminals getting the information they need to steal money from you or use your identity to access your accounts. More ...
