Bank Accounts & Savings
A basic bank account allows you to receive money and pay your bills. It can be a first step towards a regular current account later on and can help you to access better deals on items such as gas, electricity and mobile phones.
With a basic bank account, you can: -
1. Have your wages, benefits or tax credits paid straight in.
2. Pay in cheques for free, although these may take a number of days to be processed before your money is available to spend.
3. Take money out from your branch counter or cash machines.
4. Pay bills by regular direct debit or standing order.
Following the Chancellor’s budget announcement in March 2010, all high street banks must now offer a basic bank account to all.
http://www.moneymadeclear.org.uk/publications
In addition, the North Yorkshire credit union now offers a basic account although some transaction charges may apply
www.nycu.org.uk
Regular savings can be a way to avoid the need to borrow money in the future, by building up an emergency fund to buy essentials as they become needed. Try to prepare you household budget beforehand, as this should confirm your “spare” income which you can then pay into your savings.
Again, the credit union has a range of accounts which may suit you and your savings record with them may help you to access cheaper loans through the credit union in the future. Application forms are available by telephone or the website,
www.nycu.org.uk
Tel: 01904 676633
To encourage savers, the Government is launching its Savings Gateway in July 2010. This is an incentive to people of working age on certain qualifying benefits who are able to save regularly over a 2 year period. Further details are available at
www.direct.gov.uk
