Setting up a bank account

I don’t have a bank account

Take control now!

It is important that you make arrangements with us NOW on how you will pay your rent once you are on Universal Credit.

If you miss or ignore your rent payments, you could lose your home. If you have any difficulty paying your rent, contact us straight away so we can assist you.

Call us today if you have any concerns on 0300 124 0040.

How to open a bank account

We strongly recommend that if you don’t already have a bank account, then the next thing you should do is to open one immediately before Universal Credit is introduced.

Opening up a bank account doesn’t need to be a headache. Here are 5 easy steps that you can take today to make sure you take control of your finances:

  1. Decide what type of account you need

A basic bank account or current account.

Most people today use a current account with a bank or building society to manage their day-to-day money. It allows you to:

  • pay bills by Direct Debit or standing order
  • receive automated payments such as salary, wages or benefits
  • pay for things with a debit card and withdraw money from cashpoint machines
  • have access to an overdraft, although this will need to be authorised by the bank

To make sure you pay your rent on time, you will need to have either a basic bank account or current account set up in your name.

  1. Look for an account with the services you will use the most

In particular, think about how you’re likely to put money in and take it out:

Branch – put money in and take it out over the counter or from cashpoint machines
Debit card – buy something or get cash at a store
Cheques – to pay bills
Direct Debit – pay bills automatically from your account each month
Direct deposit – have your benefits or wages put into your account
Internet or telephone banking – for managing your account, making payments and other transactions

  1. Shop around to compare rates, fees and products

Understand the service fees you can be charged before you open an account. Look for accounts that charge the lowest fees for the services you need and compare interest rates. They will vary between different banks and building societies.

We would also recommend comparing different accounts using comparison websites.

Comparison websites are a good starting point for anyone trying to find a current account tailored to their needs.

We recommend the following websites for comparing current accounts:

Money Saving Expert
Money Supermarket
Go Compare
Moneyfacts

Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision. It is also important to do some research into the type of product and features you need before you choose an account or a bank.

  1. Choose a bank or building society and location

Choose one that has branches or bank machines close to where you live or work.

  1. Open your account

When you apply for your account, you’ll need to give some personal information and details such as your address, date of birth, national insurance number and contact telephone numbers. You will also need to provide 2 forms of acceptable identification such as passport, driving licence or utility bill.

 

Worried about Universal Credit?  Want some advice? Our Money Support Team is out and about near you to support you through Universal Credit. Find out more

 

 

 

 

 

 

Last modified on July 3rd, 2019 at 3:33 pm