Bank accounts

Having a bank account and using debit cards, direct debit and internet banking can make life simple and help you get in control of your finances in lots of ways.

You can:

• have your wages, benefits, pension and tax credits paid straight into your bank account
• take out money at cash machines by using a cash card.
• take cash out from some shops using ‘cashback’ (if your account provides a debit card).
• pay household bills by direct debit or standing order.
• save money by buying essential goods on the Internet, which is often cheaper and
• keep your money safe, so you can save for things you really need or put money aside for the future.

Getting a basic bank account

It’s now much easier to get a basic bank account - even if you couldn’t get one before. Many credit unions offer basic bank accounts and affordable loans to people on a low income.

Basic bank accounts are just like normal bank accounts, but they don’t have some of the services that could put you in danger of debt, like overdrafts.

• Money Matters information sessions... Are you having problems getting a bank account? Worried about your debts? Thinking of borrowing from high interest lenders? Come to one of our info sessions for some free advice!
• If you would like a basic bank account, read the Financial Services Authority (FSA) guide, Just the Facts about Basic Bank Accounts. This will give you details about the types of accounts available and how to apply.
• Royal Bank of Scotland has a useful page about basic bank accounts
• Find easy-to-understand information about controlling your finances, savings and pensions on the FSA’s website, Money Made Clear.
• Are you a Wakefield and District Housing tenant, or a low-income earner living in the Wakefield district? Apply for a bank account with White Rose Credit Union or NatWest
• Some cash machines charge you a fee when you take out money. We have teamed up with Link to provide some machines that do not charge a fee. Read about where to find them.