Do you have a bank account?
1.5 million people in the UK do not have access to a bank account in their own name... are you one of them?
By not haveing a bank account you can be left financially vulnerable when faced with unexpected costs and life events. Of those surveyed by the Financial Conduct Authority, 3 in 8 people would prefer to have a bank account. Having a bank account is an important and accessible way to keep your money safe.
If you are on benefits, or will be moving on to Universal Credit during the roll out of the service, it is important that you have a bank account in your own name, as this is one of the only ways you will be able to receive your payments.
Having a bank account can benefit you financially in many ways and often can help you save money in unexpected ways. Here are some of the ways that you can save money just by having your own bank account.
- You will save money by being able to access bills and statements online, rather than having to pay for the printing of these documents.
- You will not have to pay to access your money – you will be able to receive money into your account free of charge, and you won’t have to pay to cash cheques, or to access your money through your debit card which comes with the account.
- You will be able to save money through the choice to find the best deals for essentials such as electricity, gas and telephone bills. When you have your own bank account and debit card, you are able to shop around online, often comparing what package will be best for you before purchasing.
- Depending on your housing arrangements, this could facilitate a move from pre-payment meters to billed methods of payment – which often works out cheaper.
Getting a bank account can seem like a difficult task if you don’t have photographic ID, or some of the other documents that Banks and Building Societies require, but there are other ways to secure a safe and convenient account. Scotcash is here to help.
Scotcash is a not-for-profit and community interest company with offices in Edinburgh and Glasgow. We work to provide access to bank accounts, savings accounts, and affordable credit to those who have difficulty accessing mainstream financial services – like Banks and Credit Unions.
We currently have partnerships with the Bank of Scotland, the Royal Bank of Scotland, Virgin Money and Barclays, which helps us to provide basic bank accounts to those who need them. The process of applying for a bank account is as accessible as possible, and photographic ID is not always required. We can currently only offer bank accounts to those within Scotland from our offices in Edinburgh, Glasgow, and Inverclyde.
If you need a bank account, and would like Scotcash to help you open one, call their office on 0141 276 0525. You can find out more about our bank account service here.