DataCraft Blog

Even easier than ever access to personal finance services, there are still 3 million adults in the United Kingdom today, which is entirely outside the banking system, and lack of access to a bank account.

Many of these people are not able to provide a standard of the day, because she has a bad credit score, either because in the past financial difficulties, or just a lack of positive financial history. During the High Street, the banks are always tried in contact with people with a good quality, it may be prudent on credit lines, such as bank overdrafts for people sub-prime-Ratings.

A new type of bank account was necessary if the industry, the government invited to the objective of increasing financial integration was complete, and Basic, bank accounts were born.

Basic bank accounts, also known as the starter accounts or accounts preliminary, are very simple one type of account, offer little of how credit for accountholders or to undergo debt. It is not a general rule, credit overdrafts, no cheque book or debit card. The accounts simply a way for the money, or pay for Over-the-counter, or by electronic transfer, and its withdrawal from ATMs.

This lack of features means that there is little risk or cost for banks and thus their consent much higher. In fact, only those who have submitted their applications are rejected without any remuneration bankruptcy debtors or those who have a history of fraud and demand very serious losses.

And how can be a basic bank account benefits? First, most accounts, you can configure the levies to pay your bills, and to save money, since many companies, you get a discount if you pay this way.

Online banking services have the potential financier of our life is much simpler, so we have our financial affairs at a time, to adapt, rather than the opening hours of your branch.

It is now possible to pay bills, move money between accounts loads and standing orders, and even for bank lines of credit and for all at home, all online and on your own PC.

Despite this convenience, for many people, there is still a persistent mistrust of the technology involved: your money is safe, if you have online banking? The answer is, for the most part, yes - as long as you follow a few basic principles.

First, if you have the ability to choose your own password for online services, make sure that the password that you choose is safe. This means that it’s not easy erahnbar - avoiding the name of your pet or child, for example, and not on the number of your birthday. A password must be easy to remember ideal, but difficult to guess, and with a combination of letters and numbers is highly recommended. For example, a good password, the name of a food that you hate, in collaboration with a number that is significant in some way that can - for example Mushrooms37. A password would be almost impossible to guess anybody, but it is also very easy for you to remember.

A current account is an essential part of our daily lives, and acts as a focal point of our financial activities. Our wages are paid into the account of many of our bills will be paid automatically, the other bills are paid, with regard to the controls established, and it is on this account that we usually feed our expenditures for daily life. Because these accounts are also important, it is perhaps a little surprising that the number of people actively campaigning for a better, with more features is comparatively very low.

Many of us keep the same current account of our life at all, or at least, remain the same, which is often the bank, we chose to default because of family history or local , loyalties. However, current accounts have changed considerably over the last ten years, particularly because of the advent of online banking, and not do more, the alternatives, you may lose.

The first, which is to read, the rate of interest on the debt, the bank pays on your account. In the traditional accounts, this interest has been to ignore a value of less than 1%, if at all. Compare with the price paid by savings accounts, which, even in the worst cases, the rule to pay at least 3%, and you can see that these low interest rates is a flood. The advent of direct banking online, but also by telephone, all that has changed. The sums paid by banks on the rates of your balance inexorably have crawled upward, and today you can deduce get 5% or even more, if you are interested and recognition. This rate is even close to some of the best rates for savings accounts, which can be obtained.

On the issue of savings, many modern accounts come with a piece of savings account of the balance of payments customers a preferential price could be higher than you have in your savings account, a change in the attractive. You can also give the possibility of a credit card at preferential prices, the obvious advantage of being heavy user of the card.

It is always advisable to try something money for a rainy day, so that if you meet one or more repair costs unexpected bill, you can also cope financially. It is also advisable to save a portion of your income as an investment in the future, especially in these days of uncertainty about the prospects pension. Many people you choose to invest in stocks and shares over time, this should be the best returns, but for most of us, the safety of a bank savings account is attractive. That said, what sort of savings account you must choose?

The first type of account, we see is known as a regular savings. With these accounts, you can put a certain amount each month. In the past, this figure was rather to set a number, but these days, most accounts, you may amount of the bond at a certain bandwidth. These accounts are a good choice for those without or with only capital, but some surplus revenue, and, as a general rule, pay a good rate of interest.

The other type of account, the current account, for which it does not rule on how the money inside. You can in small amounts, when and how you can afford, or you can a large amount of down payment, if you use the account and leave him there, or a mixture of both. These accounts are divided into three basic flavors, depending on how easily you need for your money.

First, instant access nature of the current account places no restriction, if you can cash. In addition, the interest of the nature of the penalty account, you can as you want, but are not paid, interest in the month in which a withdrawal. Finally, a remark account yet, you must give thirty, sixty, ninety days, or even use before making a withdrawal, or are you going to met with significant interest penalties.