How Banks Work in the UK
Table of Contents
Note: Late 2013 saw legislative changes and introduction of new regulations to United Kingdom banking laws.
Banking laws and regulations should help savers who invest their money – by way of savings. Thus, funds should be ruled 100% safe, should the ‘unthinkable’ happened to the banking establishment.
It is almost impossible to live a normal life in society today without having a secure place to save money. It has become easier to have an account, and have your money cared for in a more responsible way, than in the past.
New bank laws also mean you can ‘buy’ services and take out loans from your bank. The present-day rules mean bankers now need to be a lot more careful how they lend money to borrowers.
This section covers the range of bank accounts available in the United Kingdom. The information outlines a range of other financial services and investment products.
Banking and Bank Accounts Guide
Accounts and Facilities
There is a wide selection of different and divergent banking services and facilities. Check out the different types of bank accounts offered throughout the
Today, and certainly since the rules’ amendments at the end of 2013, the banks and the banking system has changed – by law!
Cash Card Account
These types of accounts are ideal for anyone who is looking to open a basic bank account. The guide also explains why a basic cash card account is suited for
people with poor credit scores.
Having opened a banking current account you will then get access to many financial facilities. Some are not always available to those who do not have a current account.
Deposit Savings Account
As a rule, bank deposit savings accounts are for lump sum or regular input savers. Some get called deposit and some named savings. Generally, the difference is only the name itself!
Easy to Open Bank Account
Which are the easiest bank accounts for bad credit in the United Kingdom? Find out which top three high street banks are most helpful and hugely
How Banks Make Money
Huge salaries and big bonuses get paid to bank workers. So, let’s explain how banks make money from nothing – or do they?
Note: The main role of the Bank of England (BoE) is maintaining monetary stability and overseeing the work of financial functions in the United Kingdom (e.g. by setting interest rates).
Proof of Address
You must provide proof of address to open a bank account in the United Kingdom. This is because UK banking laws require banks to know who you are and where you live.
Note: A professional person must write several key notes when certifying documents. Find out how to certify a document as a true copy of the original.