City : Money, Housing and Benefits : Accounts

Money, Housing and Benefits

Types of accounts...

Below we've shared some information on what accounts you can get - or may already have - and how they work...

  • Bank Accounts


    A bank account is more or less essential for you to receive pay, benefits, and pay bills. It's an account where you can store money, pay in, and pay out.

    Banks usually offer two main types of account:

    safe.gif Current Accounts: Current accounts are the most common bank account.  You will have a debit card to take money from the account out at cash machines and to pay for things in shops. Employers will ask for your current account bank details to pay your salary into.

    safe.gif Savings Accounts: A savings account allows you to store money in a seperate account as savings - therefore, you do not get a debit card for a savings account but a cash card which can only be used at a cash point.

    A savings account will pay a small amount of interest but isn't practical for day-to-day banking. Many people have both a current account and savings, and transfer spare cash into the savings account on a regular basis.

    information.gif Interest is an amount of money you recieve from the bank for keeping your money in your account. This is calculated as a percentage from your bank balance - the more you have in there, the more interest you'll earn.

    Want to know more? Click here.

  • Post Office Account


    Benefits are usually paid straight into your bank account - if you don’t have a bank account you could get paid using a Post Office Card Account.

    A Post Office Card Account is for people who don’t have a bank account. The Post Office® card account is specifically for receiving Pensions, benefits and tax credit.

    If you're interested in getting a Post Office Card Account visit your local Post Office and ask them about eligiblity and how to apply.

    Want to know more? Click here.

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