Style Money Guides
Banking with Interest
We all need a bank account at some stage in our lives. These days, if you want to open a new account, there's far more than just the common high street branches to choose from. Navigating your way through the plethora of postal accounts and internet banks can be daunting but with a bit of planning, you should end up 'quids in'!
Think ahead
Whether you're a student embarking on a college course, a pensioner wanting easy access to your savings or a new mum looking to open an account for your baby, you'll all have slightly different needs. So sit down and decide exactly what services you require, and where and how you want to get access to them. For example, do you want to simply save money - and don't need to withdraw it very often? Do you want a quick and easy way to get at your salary? Or do you want something in between? For more on saving, check out Save Yourselves!
And what about the bank itself? If you want a face - someone to talk to - as well as easy access to business advisors, then opt for a bank with a branch on your high street. You know there'll be someone behind a counter, making the banking simpler to deal with - if you don't mind the queue!
On the other hand, if you want slightly better interest rates on savings and investments, you hate standing in queues or prefer to carry out transactions at night, then have a look at some of the newer banks that have been springing up in the last decade. Most offer access to your cash by phone, post or the internet, or any combination of these, although each tends to specialise.
New Banking
Banks that are phone-based are simple to use. You create a password, and then use it to carry out all transactions - from money transfers to bill payments - via a dedicated phone line. Paying in cheques and cash can be arranged at branches of banks near you. This option is a good compromise if you want to talk to someone but like to do your banking from the couch.
Postal banking can also offer good interest rates and is excellent for those making regular savings. However, it can be tricky if you want to make a quick withdrawal. Internet banking is one of the newest forms of banking. It is excellent if you want to be able to check balances, make transactions or change your payment schedules at any hour of the day. And it is secure, as long as you don't reveal your password to anyone. You might even want to consider ethical banking - for more on this, see Ethical Finance.
Whether you're a student embarking on a college course, a pensioner wanting easy access to your savings or a new mum looking to open an account for your baby, you'll all have slightly different needs. So sit down and decide exactly what services you require, and where and how you want to get access to them. For example, do you want to simply save money - and don't need to withdraw it very often? Do you want a quick and easy way to get at your salary? Or do you want something in between? For more on saving, check out Save Yourselves!
And what about the bank itself? If you want a face - someone to talk to - as well as easy access to business advisors, then opt for a bank with a branch on your high street. You know there'll be someone behind a counter, making the banking simpler to deal with - if you don't mind the queue!
On the other hand, if you want slightly better interest rates on savings and investments, you hate standing in queues or prefer to carry out transactions at night, then have a look at some of the newer banks that have been springing up in the last decade. Most offer access to your cash by phone, post or the internet, or any combination of these, although each tends to specialise.
New Banking
Banks that are phone-based are simple to use. You create a password, and then use it to carry out all transactions - from money transfers to bill payments - via a dedicated phone line. Paying in cheques and cash can be arranged at branches of banks near you. This option is a good compromise if you want to talk to someone but like to do your banking from the couch.
Postal banking can also offer good interest rates and is excellent for those making regular savings. However, it can be tricky if you want to make a quick withdrawal. Internet banking is one of the newest forms of banking. It is excellent if you want to be able to check balances, make transactions or change your payment schedules at any hour of the day. And it is secure, as long as you don't reveal your password to anyone. You might even want to consider ethical banking - for more on this, see Ethical Finance.
