Debt and money advice

Having access to a bank account can be an important step towards independence. Having a bank account means you can save and access your own money, pay bills and take responsibility. Think carefully and talk to family, friends and carers about if having a bank account would be right for you, and if it would help you.

Think about your finances

It’s helpful to think about how:

• much money you need to have in an account so you know what account to choose
• often you want to pay money in or take money out.

You can talk to your chosen bank about your options at any point, but it is good to have an idea of what you need.

Choose the right bank

Every bank has something different to offer customers in the way they work and support you. Many also have special offers for new customers, like cashback, rail cards or better interest rates (the rate at which your bank pays you to save money with them).

Think about:

• what you need from a bank - interest rate, disability support, help setting up an online account. Lots of banks offer support in these areas but not all banks offer everything
• which banks have branches in your area and how you can get there (this is less important if you want to use internet banking)
• how you want to communicate with your bank such as in person, online, or on an app.

Choose the right type of account

There may be different kinds of accounts available to you.

• A current account which you mainly use to pay in money and pay bills or buy things with.
• A savings account where you want to save money and do not want to take money out as often. This account may give you a higher interest rate, which is the amount of money you're paid for saving with them.

Ask the right questions

Most bank accounts are now quite standard and follow strict rules and regulations. But it’s important that you understand:

• what kind of account you're opening
• what you can and cannot do with your account
• if any restrictions or limitations apply and how long they might apply for
• how your bank will communicate with you about your account
• if there are any fees or charges associated with your account.

Your bank should always be able to answer these questions and explain them to you clearly and simply. 

Contacting your bank

A face-to-face conversation can achieve a lot. If you are opening your first bank account, go into the branch and talk to a member of staff about it.

Take a friend, family member or carer with you. Make sure you ask any questions you have and if you need additional support, for example with communication, make sure the person you speak to understands this.