Banks and Handling Money in the UK Jan 2012. Which Bank Should I Choose?

Banks and Handling Money in the UKJan 2012

Which Bank Should I Choose?

What will be offered to me?

There are three main types of Bank Accounts

• Basic Bank Account • Current Bank Account

• Savings Bank Account

Language That Banks Use

• Automated Credit Transfer• Balance• Buffer Zone• Cashback• Cash card• Chip and Pin• Credit check• Debit Card• Direct Debit• Interest• Money laundering• Overdraft• Standing Order • Statement

Bank name and any special name for the account

Minimum age to open an account

Free buffer zone

Direct Debits and standing orders (1)

Charge for unpaid Direct Debit or standing order (2)

Debit card (Solo, Electron, Maestro or Visa debit)

Bank branch counter access (balances, deposits and withdrawals)

Post Office® branch access (balances, deposits and withdrawals)

Free access to bank cash machines (ATMs) in the UK

If any of the following apply to you, your application may be declined

HSBC: Basic Bank Account 

18 £10 Yes  No No Yes (except withdrawals)

Withdrawals only

Yes

Undischarged bankrupt, record of fraud 

Lloyds TSB:

Cash Account 

18 £10 Yes £20 (max 3 per day)

Visa debit   Yes YesNo (own ATMs only)

Undischarged bankrupt, record of fraud 

Santander: Basic Bank

Account  16 No Yes 

£5 – £35 (depending on transaction size)

No  Yes (withdrawals over £300 only)

Withdrawals only

Yes

Undischarged bankrupt, record of fraud 

NatWest: Step Account 

16 No  Yes 

£5 (max 10 items in any charging period)

Visa debit  Yes Yes Yes

Undischarged bankrupt, record of fraud 

Basic? Current? Savings? At Which Bank?

Handy Hints and Tips With Your Finances

Tip 1: Budget! (and stick to it!)

Finding out how much money you’ve got to spend, and planning what you are going to spend it on is an important way to make your money last!

http://international.studentcalculator.org.uk/international/index.asp

https://budgetbrain.moneysavingexpert.com/budgetplanner

After doing this, if your outgoings are more than your income, how are you going to improve this?

What is necessary, what is a luxury?

Tip 2: Make your money go further

•Student discounts are offered in many UK shops and businesses. (Clothes, cinemas, nightclubs, train tickets restaurants, museums.)•Many offer between 10 – 20% off•Young Person’s Railcard•The NUS extra card – www.nus.org.uk•Key For The City Card- www.keyforthecity.co.uk •City Discount websites – Groupon, Vouchercloud, Manchester Confidential

What do I need to open a bank account in the UK?

• Your current passport and visa• A bank letter from INTO Manchester

How do I get a bank letter?

• You need to request for a bank letter by going to the INTO Manchester Learning Centre Website:

http://www.intolearningcentre.co.uk

Requesting Your Bank Letter• Please answer EVERY question to the best of your ability

• Once you have completed the form, click ‘file’ then ‘save as’ and save the file as your name.

• You then need to email your letter request form as an attachment to

[email protected] • Letters will normally be ready within 24 hrs from the Reception Area

• Your patience will be greatly appreciated

Important things to know…

• UK Law states that students are only allowed ONE UK Student bank account. • RBS and Barclays DO NOT accept INTO Manchester students• Make sure you go to open a bank account out of class time otherwise your absence WILL

NOT be authorised. • It is useful to avoid the hours between 12- 2pm as they are particularly busy.• Please answer EVERY question to the best of your ability, if there is information missing

from your letter request form it is difficult for INTO Manchester to issue a bank letter quickly for you.

• INTO Manchester can only issue you with a bank letter if you have already arranged a UK address. You will not be given a bank letter if you have not arranged your accommodation yet.

• It is the responsibility of the student to go to the bank as close to the date on the top of their letter to ensure that the bank do not suspect your letter as false.

• Once you have been to the bank it takes usually 5- 10 working days for you to be able to use your account

• Please see your handout for information on where the banks are and what times they are open

A message from Sophie Andrews, INTO Manchester’s Finance Officer…

•You are responsible for your account at INTO Manchester•You must make sure your account is £0.00•You can do this by seeing Sophie in room 106 between 1:15 – 2:15 any day

COMING SOON….A FINANCE NOTICE BOARD – IF YOUR NAME IS ON THE BOARD YOU MUST SEE SOPHIE – YOU MAY OWE MONEY OR INTO MANCHESTER MAY OWE YOU!!