Banking and Budgeting

Why do I need a bank account?

• Bank accounts help you manage your money on a daily basis. You can keep a track of exactly what goes in and what goes out and most banks offer an App or online banking to help you do this  
• You get discounts on your phone, electricity and gas bills if you set up Direct Debit (automatic) payments from your bank account
• If you’re on benefits, you will need to set up a bank account to receive your monthly payments if you are claiming or moving onto Universal Credit. (See our Benefits Advice page for more information.)  

How do I set up a basic bank account?

Once you’ve decided which bank you want to use you can normally apply for an account in the branch itself, online, over the phone or even by post.

To speed up the process of setting up a bank account it’s a good idea to find out from the bank what information you will need to provide. All Banks will need you to provide: Proof of who you are:

• Passport
• Driving Licence
• If you don’t have these speak to your bank to ask what other forms of ID they will accept, some banks will accept a letter from a responsible person (teacher, social worker) or a benefits notification letter

And proof of your address, for example:

• Tenancy Agreement
• Council Tax Bill
• Gas or Electricity Bill

Need more help? You can follow some simple steps from the Money Advice Service in this video on how to set up a bank account.

Who can open a basic bank account? 

Most people are entitled to open a basic bank account, even if you have a poor credit history, so that you can have wages or benefits paid in and you can pay for things such as rent and bills through direct debit. 

If you need further help, there is some useful information about basic bank accounts on the Money Saving Expert website. 

Credit unions Credit unions are not-for-profit community organisations run by members, for members. If you live or work in an area where a credit union operates you could be eligible to join. Some credit unions offer current accounts similar to basic bank accounts. To find your nearest credit union visit this site.

Are you worried about how you’re going to be able to heat your home or feed the kids?

Are you trying to stretch your money to last week by week?

We can help!

We’ve put together some useful tips and general advice below on how to manage your money better.

A good place to start when you are trying to save money is to get a handle on what you are currently spending. When times get tough with money it can be hard to keep a track of your bills. We know this can be stressful. Taking control of your spending will mean you can assess if you are spending more or less than you can afford.

The Money Helper budget planner can help you make an easy to understand and easy to use budget and it is free to use. All you need is a list of your bills (including your rent, council tax, utility bills and even your shopping receipts) so that you can include as much information about your monthly spends as possible.