City : Money and Benefits Market : Accounts

Money and Benefits Market
  • Bank Accounts

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    A bank account is more or less essential for you to receive pay and pay bills.

    Banks usually offer two main types of account: current and savings.

    Current accounts are the most common. Employers will ask for your bank details to pay your salary into. You will have a debit card to take money from the account out at cash machines and to pay for things in shops.

    A savings account will pay a small amount of interest but isn't practical for day-to-day banking. Many people have both and transfer spare cash into the savings account on a regular basis.

    Want to know more? Click here.

     

  • Post Office Account

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    Benefits are usually paid straight into your bank account - if you don’t have one you could get paid using a Post Office Card Account.

    A Post Office Card Account is for people who don’t have a bank account. The Post Office® card account is specifically for receiving Pensions, benefits and tax credit.

    To open an account you’ll need:

    • to contact the office that pays your benefit
    • proof of identity, e.g. a passport
    • proof of where you’re living, e.g. a recent bill with your name and address on it

    Want to know more? Click here

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