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In the UK there are two main types of bank account when it comes to managing everyday money.
Basic Bank Account
A Basic bank account is a safe option for anyone who wants to avoid going overdrawn or who may not get past a bank’s credit check in order to open a regular current account.
The principle features of a Basic bank account are:
- Wages, State Pensions, benefits or tax credits can be paid into it.
- Cheques or cash can be deposited into the account free from any charges.
- Direct debits can be set up.
- A cash card is issued with can be used at bank cash points.
- Debit card are also available which can be used to pay for items and obtain cashback providing sufficient funds are available in the account.
- Cheque book are unavailable.
- Overdraft facilities do not apply.
Current Accounts
Current accounts offer more features than a basic bank account and some even pay interest on any money left in the account, although this is usually at a very low rate. Many current account providers will charge a monthly or annual fee on the account and may even charge a fee upon simply activation of the account however this is often compensated by offering benefits such as gift vouchers and discounts etc. Charges also apply on overdraft facilities.
The main features of a current account are:
- Cheque book
- Cheque guarantee card
- Debit card
- Direct debits can be set up
- Standing orders can be set up
- A bankers’ automatic clearing service (BACS) facility, where payments can be accepted directly into your account or one-off payment can be made to someone else from your account.
- An overdraft facility can be arranged although charges do apply if you exceed the agreed overdraft limit.
- Telephone and online banking.
Student Account
A student bank account functions pretty much the same as a current account although an interest-free overdraft facility is offered. Incentives such as a small cash deposit and gift vouchers are generally offered to entice new customers.
The basic criteria:
- You must be a UK resident
- Be enrolled on a degree course at an established University or college
- Hold no other student bank account
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Published on September 30, 2007
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