• Receiving money:

  Many employers pay wages or salaries paid directly into a bank account - it is cheaper and safer.

  Some state benefits can also be paid directly into a bank - it is cheaper and safer.

• Spending money:

  You can pay for goods and services by cheque or plastic card instead of carrying large sums of money.

  You can pay insurance premiums, mortgage payments, and bills (gas, electricity, telephone, local community charges, etc) through a bank.

1. Do you have a regular income? (From a wage, a grant, benefits, parents etc.)
2. Do you always have money lying about in your room?
3. Do you have to pay any regular bills? (Rent, telephone, club fees, etc.)
4. Do you need to save for something from time to time?
5. Would you like to earn extra money without having to do anything?

Running an account

Hints and Tips

• Keep of note of how much you spend - particularly if you are using a cash card or a switch card.
• Check your balance regularly to make sure you don't overspend.
• Account holders get regular statements. This shows you what is happening in your account. Read it carefully and check that all the transactions are correct. If there are problems, contact the bank immediately.
• If you need extra money or advice, arrange to see the manager or a senior member of the banking staff. Many banks offer an overdraft facility; find out how much you have to pay for this and how much interest you will be charged on the amount.
• The bank will set your overdraft limit. Don't exceed this limit without the bank's permission. The bank charges for doing this can be very high.
• If you have a savings account, only draw the money out when you need it. The more you save and the longer it stays in your account, the more interest your money will earn.

1. The bank holds your money safely until you need it.
2. You may get interest on the money you have in your account.
3. You have to visit your bank to check how much money you have in your account.
4. You only see the Bank Manager when you want to arrange a loan.
5. The Bank can offer advice and maybe help if you get into difficulties.
6. The bank will keep all your details confidential.

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