Money and Debt

UK bodies that regulate the banks, building societies, credit unions, insurers and major investment firms:

The Prudential Regulation Authority (PRA) 

The Financial Conduct Authority (FCA)

The Financial Ombudsman Service (FOS)

The Financial Services Compensation Scheme

The Money Advice Service offers free financial advice to members of the public.

Showing articles for 

Banking

Banking

DIFFERENT TYPES OF BANK

There are a number of different types of bank, and many banks incorporate several functions at the same time. Here we set out definitions of some of the most common types of bank including the useful key technical terms and explanations of the main variations between different types of bank.

Read More
Banking

BASIC BANK ACCOUNTS

A Basic Bank Account allows you to manage day-to-day money and will usually provide you with a bank card but will not let you become overdrawn. Your wages and benefits can be payed directly into it, and bills can be payed direct from your account.

Read More
Banking

CURRENT ACCOUNTS

A Current Account helps you manage money going in and out on a day-to-day basis. This type of account usually offers an overdraft facility but will charge severe penalties if you fail to repay what you borrow, or go over your agreed overdraft allowance.

Read More
Banking

OPENING A BANK ACCOUNT

Opening an account with a bank or building society is a relatively simple process, but you will usually be asked for proof of identity and proof of residence. You will also have to fill out an application form, and in some cases pay an amount of money into your new …

Read More
Banking

MANAGING YOUR BANK ACCOUNT

When you open a new bank account, your bank or building society will give you information and details about how best to manage your finances. Most accounts will send you monthly, quarterly or yearly statements by post so you can keep track of the payments in and out of your …

Read More
Banking

SWITCHING YOUR CURRENT ACCOUNT

Banks and building societies are actively competing to attract new customers with a range of incentives. Whether you have a big bank balance or an over-stretched overdraft, you may be able to make money by moving your current account.

Read More
Banking

PAYING MONEY IN

All accounts will allow you to pay in cash and cheques that are made payable to you. Most will also be able to take electronic payments and automated transfers. Your account can also receive your salary or benefit payments through an automated transfer system known as “Bacs”.

Read More
Banking

PAYING MONEY OUT

There are many ways to pay money out of your bank account – you can pay your regular bills by direct transfer or by cheque, you can use a bank card for purchases in shops or online and for withdrawing cash from cash machines.

Read More
Banking

OVERDRAFTS

An overdraft is a way of borrowing money on your current account that your bank or building society may allow so you can to cover short-term cash-flow problems when there is no money in your account. You should always try and avoid going over your agreed overdraft, as the resulting …

Read More
Banking

BANKING CARDS

Banking Cards allow you to pay for goods and services and withdraw money with ease. There are a number of different types of card available, each with various features designed to be used in different ways.

Read More

Start typing and press Enter to search

Shopping Cart