Why do I need a bank account?
- Soon all benefits will have to be paid into a bank account under Universal Credit.
- It’s safer and quicker to have money paid into a bank account.
- If you’re looking for work or already employed, most employers insist on paying wages into a bank account.
- You can save money on bills by paying through your bank account.
- You can set up automated direct debits to pay your bills making life easier and giving you piece of mind that your bills are paid.
- You can track your income and spending through online banking and regular bank statements.
Can I open a bank account with a bad credit rating?
Yes! All banks now have to offer a basic bank account which will give you all your basic banking needs.
How do I open a bank account?
Once you have decided who you would like to bank with it should be relatively simple to open your account. Remember to choose a bank which is local to you and easy to access.
- Fill out an application form. This can be obtained in your nearest branch or online.
- Most banks require 2 forms of ID. Make sure you have these ready before applying. ID could include an up to date passport or drivers licence, a recent bill and a recent benefit letter. Some banks may accept other documents.
- The bank often will carry out a credit check. If you are opening a basic bank account a credit check shouldn’t be needed.
- Your account should then be set up within 10 days provided there are no problems with your verification.
- For more advice on opening a bank account please contact Taff.