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Bank Account FAQ

This page is here to answer any bank account related questions you may have to help you in getting a bank account and helping you with your money matters!

Bank Accounts FAQ

Q: What ID do I need to provide to open a UK personal bank?

A: Due to money laundering regulations all banks require you to prove your identity and address when opening a UK bank account. Therefore you will need to show 2 forms of identification before your bank account is opened. One has to be proof of identity (e.g. passport) and one has to be proof of address (e.g. utility bill). The types of proofs accepted are fairly universal. The bank you open a bank account with will provide a suitable list of acceptable documents. If you have been on the electoral register for some time some banks will take this as proof of identity and will not require further identity checks.

Q: What is a basic account?

A: A basic account is a good place to keep your money for general use. You can have your work wages, benefits or tax credits and pension paid into a basic account. With a basic account you get a cash card that you can use at cash machines, and some basic accounts offer a debit card to withdraw money. You do not get a cheque book with a basic bank account and you cannot withdraw more money than is in your basic bank account.

Q: What is a Current Account?

A: A current account is another good place to keep your money for general use, but a current account has more features than a basic account. When you open a current bank account you will get a cheque book and a debit card, allowing you to withdraw cash from cash machines and pay for items in stores.

Q: What is a savings account?

A: A savings account is a good place to save your money. Savings accounts also give you interest on your money. Some savings accounts may provide a card to enable you to access your money at a cash machine.

Q: What is an overdraft?

A: You may also be able to have an overdraft option, which allows you to withdraw more money than is in your current account up to a certain amount. But you will have to repay this amount and may get charged interest. Some bank accounts have a free overdraft built in. If your bank account does not have an overdraft facility, you will have to ask your bank for an authorised overdraft facility.

 

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