Your Life

Banks & Building Societies

Bank accounts are safe and convenient - they can help you to:

  • pay bills
  • manage your money
  • receive money
  • keep your money secure
  • earn interest

There are two main types of bank and building society accounts - current accounts and savings accounts.

How a bank account works

  • You pay in ("deposit") the money you receive, such as your wages, EMA or student loan.
  • You take out ("withdraw") money, when you need to pay for things.

A current account is a basic account for every day use. The bank or building society will supply you with a debit card that can be used to pay for things in shops or to draw cash from a cash machine. If you're over 18, you may also get a cheque book. If you just want to keep things simple, you can ask for a basic bank account without a cheque book or debit card.

Savings accounts

For saving money, a proper savings account with a bank or building society is better than a current account because you will earn more interest. You can use it either to save regularly, or just when you have some spare cash. It's a good idea to check the conditions for withdrawing cash from the account before you start saving, otherwise you may not be able to hold of your money when you need it!

How do I open an account?

To open an account simply call into the bank/building society and pick up an application form. If you're not sure about filling in the form, the bank or building society staff can help or you can talk to a Connexions personal adviser.

Once you've decided what type of account you want to open, you will usually need to prove who you are and where you live.

Proof of your identity

Your passport, driving licence, residence permit, ID card from work, birth certificate, NI card, benefit book or letter from school/college/employer.

Proof of your address

A recent gas, electricity, phone bill, or water bill but not a mobile phone bill, council tax bill, driving licence, benefit book, car/home insurance certificate or mail order statement. For students a letter from school/college.

Please note: You can't use the same document as proof of both your identity and address.

If you don't have any suitable documents, contact the bank or building society - they can usually suggest other ways to prove who you are and where you live.

Students will also need to provide proof of student status - such as the letter of admission received from their college or university.


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