Types of Bank Accounts
Basic Accounts
No cheque book with these. A cash card and a pin number allows access to your money from a cash machine. Direct debits and sanding orders are allowed.
No interest paid on credit balances.
These are not intended for you to earn interest on excess balances.
Current Accounts
Cheque book, cheque guarantee card, credit/debit cards, interest paid on credit balances, direct debits and standing orders are allowed. Overdrafts can be arranged.
Savings Accounts
Savings accounts provide a higher rate of interest. If your bank account is generally in credit, there is no point in holding excessive credit balances in the account. The interest you get paid is too low. The savings accounts can be used to hold this money and allow you to earn more money from it.
Your Bank Account
Why is it important to track what is happening with your bank account? Easy answer, it costs you a lot of money if you lose control!
But the consequences can be even worse. One or more direct debits can fail to clear. Each one that fails will incur charges. The charges themselves can cause other direct debits to fail incurring more charges. Before you even know that there is a problem, the direct debits can all be represented again and incur another set of charges.
With all this concern about 'identity theft' it is even more important to keep your finances under control in order to detect any signs that other people may be spending your money|
Once you have started the process, it becomes much easier to reconcile your finances each month. it then becomes much easier to plan for future expenses such as holidays, birthdays, etc.
Guide to reconciling your bank account
This guide is to help you to understand the steps necessary to get your bank account under control.
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