Disclaimer:

The Money Advice Service website and publications are here to help you manage your money better and make informed choices. They are intended for customers of UK financial services who live in the UK. Our Money Advice Line can give you information and advice about your money on 0300 500 5000. You might also need to consult a financial, legal or other professional adviser. The Money Advice Service is not liable for any damages (including, for example, damages for loss of business or loss of profits) arising from the use of the Money Advice Service website, or any material contained in it, or from any action or decision taken as a result of using our website or any such material.

© The Money Advice Service – www.moneyadviceservice.org.uk.

Bank accounts

Bank accounts can help you manage your everyday money. There are different types to suit your personal situation.

This section tells you about the different types of bank accounts, and how your bank or building society will do business with you. Alternatively you can get a free copy of our Your bank account guide. You can download or order it online – see Free printed guides.

Credit unions also offer bank accounts. For information about how credit unions work, get a free copy of our Credit unions guide. You can download or order it online – see Free printed guides.

Why have a bank account?

Bank accounts help you to:

  • pay your bills

  • receive money – such as your salary or benefits, and

  • save money for special occasions or emergencies – see Types of bank account.

How you’re protected

By law, most financial services firms must be regulated by the Financial Services Authority (FSA), the UK’s financial services regulator, before they can do business in the UK. The FSA holds a Register of all authorised firms currently doing business in the UK as well as those authorised in another European Economic Area (EEA) state. Always check that the firm you’re dealing with is on the FSA Register. This means that you will be able to use the complaints and compensation procedures if something goes wrong – see Getting help.

The Financial Services Compensation Scheme (FSCS) can pay compensation for financial loss of up to £85,000 for deposit claims – see Compensation.