City : Money and Benefits Market : Accounts
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.
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Post Office Account
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
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