Basic bank accounts are great tools for those starting to establish financial independence and manage their money better. This type of account lets you deposit money and pay your bills either by standing order or direct debit. Using a basic current account, you can have your wages, tax credits, and any other benefits paid directly into your account. You can also take money out at cash machines with an ATM card.
Also with a basic bank account, you can take money out at the Post Office, and pay your bills by direct debit – a great way to ensure that you don’t forget to pay your bills on time. With some banks, your basic current account will come with a debit card that you can use for shopping. But, you won’t get overdraft protection or a cheque book, so you do have to keep an eye on your bank balance (this is easy enough to do with online banking and via the ATM).
You really have to shop around for the best bank accounts these days, with interest rates as low as they are. You can easily compare bank accounts online and even open new accounts online in many cases. A basic bank account can be a good first step toward managing your money better. It’s a way to keep your money safe, earn a little interest, and avoid the temptations and dangers that come with carrying cash.