Banking and basic bank accounts
A bank or current account helps you handle your day-to-day finances in one convenient spot. It’s a place to receive money, such as your monthly wage. You can easily make payments or cover bills using a debit card, cheque, standing order or a Direct Debit linked to the account.
If you do not qualify for a standard bank account, you may be able to apply for a basic bank account.
Help to Save scheme
The Help to Save scheme is a government-backed savings initiative for people on a low income and in receipt of certain benefits. Saving is incentivised ands you could get a bonus of 50p for every £1 saved. For more details and eligibility criteria, visit the Help to Save webpage on gov.uk.
Credit Unions
A credit union is a cooperative where members pool savings in order to provide each other with credit at a low interest rate. Some local credit unions include Acorn Community Bank and Great Western Credit Union.
Loan sharks
A money lender must be authorised by the Financial Conduct Authority. Lenders that are not authorised are breaking the law. These lenders are called ‘loan sharks’. Loan sharks often charge very high rates of interest and take illegal action to collect money they have lent. Find out more on Stop Loan Sharks.
