Bank Account - Keep Track Of Your Money
The first thing you need when dealing with any kind of finance is a bank account. Your bank account can be used to store or save money, and if you receive money from any type of income, it will usually be paid into your bank account.
Some of the best accounts available - Current Accounts | Savings Accounts
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Current Accounts - A current account is the most common type of account and most people with any sort of cash flow will use a current account. Deposits can be be made into a the account, as well as withdrawls made. Current accounts are usually instant access accounts , and your money can be either withdrawn at a cash machine, or paid directly using your card. Interest is paid on money which you keep in the account and there are many high interest accounts available. As well as this there are accounts designed for students, young workers and many others.
Savings Accounts - If you do not need instant access to your money and you want to start saving for a new car, your next holiday, or you just want the security of having some extra cash for when you really need it, then you will want a savings account. Savings accounts offer higher interest rates on your money but you will find it harder to gain access to your money as it can only be withdrawn by the account holder over the counter and some accounts only offer higher interest rates when you agree to inform the bank in advance when you want to withdraw money, for example 1-3 months in advance.
Interest and Overdrafts - Both current and savings accounts usually offer interest. This is a percentage which is added to your balance usually monthly or annually, so the more money you hold in your account, the more interest you will be paid. The interest rates will be much higher with a savings account than a current account. With some accounts an overdraft will be included, this is a set limit you can withdraw and spend over and above the amount actually in the account. You will usually pay a monthly charge or interest when you are overdrawn.
Looking After Your Money - Bank Accounts
A bank account is your basic starting point when dealing with money. They allow you to safely store your money, and withdraw it as you need. If you work, your wage is usually paid into your bank account. Bank accounts can help you save money as well as store it. A high interest account will pay you more for storing your money.
