In order to open a bank account you'll usually
be asked to:
prove who you are
prove where you live
prove student status, if relevant
fill in an application form
in some cases pay some money into
your account
For accounts that allow you to borrow or
go overdrawn, the bank may want to run a
'credit check'; in other words to get references
from previous banks or lenders that you
are a reliable customer before opening the
account.
Bank accounts can help you manage your everyday
money. Find out about the different types
available.
Bank accounts help you to:
pay your bills,
receive money - such as
your salary or benefits, and
keep track of where your
money is going.
Bank accounts can also earn
you interest on the money you have in the account.
We cover the three main types of bank account
below. You might have any of these at different
stages of your life.
Basic Bank Account: for
managing day-to-day money. It doesn't usually
allow you to go overdrawn by more than £10,
if at all. We outline the basics here but
if you’d like more information see our
Basic bank accounts printed guide. You can
download it or order a free copy online –
see Publications.
Current Account: also for
managing your day-to-day money, but with more
features than a basic bank account. There
are special accounts for children and students.
Some current accounts pay you interest if
you are in credit, but a savings account will
usually pay a higher rate.
Savings (or deposit) Account:
for putting away money that you’d like
to save, say for furniture, a holiday or emergencies.
It often pays a higher rate of interest than
current accounts, so your money grows quicker.
Compare current account buys
Company
Account
Deposit
Gross
Funding
Reward Current
£1
0.00%
£5 paid
for each month where £1K pm funding
reuirment is met, where account is in credit
or oerdrawn.
Premier Direct
Current
£1
4.89%
Funding of £500
per month reuqired. 0.10% paid on balances
over £2.5K. Internet banking compulsory.
The Abbey Current
Account (Credit Option)
£1
4.89%
Funding of £1K
per month required. Interest payable for first
12 months up to £1K (£2.5K on
transferred accounts.)
