There is a wide selection of different and divergent banking services and facilities. Check out the different type of bank accounts offered throughout the United Kingdom.
TYPE OF BANKING ACCOUNT: They are in strong competition for new and varied customers.
As a result, the list of assorted accounts attempts to satisfy your daily financial needs.
These individual types are then split into various categories. Banks try to offer the public a wide range of options to attract their business. Building Societies also offer many of the different types, such as those listed below.
Bank current accounts are ideal for day to day management of your money on a short term basis. As a rule, you get a cheque book and a debit card.
Different bank accounts have different advantages to offer. But, this type of banking account is useful if your monthly salary gets paid into it a bank. It is an ideal facility for writing cheques or paying monthly bills.
Note: These types of bank accounts in UK can earn a little interest if the balance gets kept above a certain limit.
These are much like the standard option but with several basic restrictions. For example there is no cheque book provision. A Basic Cash Card Account is for those who suffer from a poor credit record, debt and bankruptcy.
They are a facility to allow you to deposit your salary/wages or benefits payments, and draw them out in cash. In some cases, the bank may also you to set up Direct Debit transactions.
Use this facility at a Post Office to enable you to deposit your benefits payments, and withdraw cash.
As the name suggests, these are the ideal place for your excess money you want to save and do not need ready access to it.
This option can be quite simple 'put it in and forget about it', or more sophisticated such as the long term deposits. As with all savings facilities, they usually pay interest monthly or otherwise determined balances.
There is a gradual move towards online banking - which the industry is keen to market. Online banking removes the need for typical local high street branches. Virtually everything gets done by the click of a mouse - or even from your trendy Smartphone.
Banking Current Account: UK bank current accounts are the mainstay of the personal banking system.
Cash Card Bank Accounts: A basic cash card account is best suited for people with poor credit scores.
Easiest Bank Accounts to Open: The top three high street banks most helpful for those with poor credit.
Identification Needed for a Bank Account: By law banks need to know who you are and where you live.
Different Types of Bank Accounts in the United Kingdom