Bank Account UK
Opening a new UK Bank Account
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.
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.
Savings (or deposit) account - for putting away money that you’d like to save, say for furniture, a holiday or emergencies.
How much does a bank account cost?
A bank account usually costs nothing, as long as you don't spend more money than you have in the account (called going overdrawn).
If you have money in your account (called being in credit), you are not usually charged for any of the services provided by your account, but do double-check by reading the terms and conditions.
Remember also that convenience cash machines which are not run or owned by the bank may charge a fee.
This bank account UK debt advice service is completely confidential and all the information that you give us will remain strictly in confidence.
Our bank account debt advisers have been specially trained to be able to offer you the best advice possible to free you from bank account debt.
If you would like to telephone one of our bank account debt advisers please call us on freephone: 0800 074 6918.
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]