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Banking in UK


Banking in the United Kingdom can be easy provided that you have the patience and all the necessary documents to set up. There are three main types of accounts that are popular in the United Kingdom:

  • Current Account
  • Savings Account
  • All-in-one Account

The Current Account

The current account is suitable for people who are interested in:

  • Depositing their cash (putting it into an account); and
  • Withdrawing their cash at any time they may need it (taking it out of their account).

Money can be deposited into the account through various sources:

  • Putting in cash in the form of coins and notes into the bank
  • Sending a national or international wire transfer
  • Depositing a cheque for the amount
  • Paying money through electronic means

Money can be withdrawn for access the following ways:

  • By writing a self cheque
  • Using the ATM card to take care from a cash point or a hole-in-the-wall
  • Purchasing all good directly on a debit card
  • Creating a standing order between your accounts

Types of current account include the following:

  • Standard Current Accounts
  • Accounts with ‘extras’
  • Simple Cash Accounts
  • Children’s Accounts
  • Young People’s Accounts
  • Student Accounts or Step Accounts
  • Graduate Accounts
  • Foreign Currency Accounts
  • Euro Accounts
  • Special Accounts

The Savings Account

The savings account is suitable for people who are interested in:

  • Depositing their cash (putting it into an account);
  • Withdrawing their cash at any time they may need it (taking it out of their account); and
  • Making some interest on existing funds in the account to help it grow.

Money can be deposited into the account through various sources:

  • Putting in cash in the form of coins and notes into the bank
  • Sending a national or international wire transfer
  • Depositing a cheque for the amount
  • Paying money through electronic means

Money can be withdrawn for access the following ways:

  • By writing a self cheque
  • Using the ATM card to take care from a cash point or a hole-in-the-wall
  • Purchasing all good directly on a debit card
  • Creating a standing order between your accounts

Types of current account include the following:

  • E-Savings Accounts
  • ISAs
  • Standard Savings Account
  • Standard Plus Savings Account
  • Guaranteed Equity Bond
  • Five Year children’s bonds
  • Smaller bonds
  • Savings Account for young people
  • Child Trust Fund
  • Term Deposits Account
  • Guaranteed Tracker Accounts

All-in-one Account

This type of an account will be a mash up of all other types of accounts you could have had. It brings together the following types of accounts:

  • Mortgage Accounts
  • Current Account
  • Savings Account
  • Credit Cards Accounts

The all-in-one accounts offer many more benefits, particularly if the individual is currently tied to a mortgage. It will help reduce the mortgage liability if the savings are paid into the specific account, etc. The all-in-one isn’t suited for children or students, though.


Popular Banks in the United Kingdom


NatWest Co-Operative Bank Royal Bank of Scotland Barclays
Citibank Alliance Liecester Yorkshire Bank HSBC Bank
LLoydTSB Standard Life Bank Bank of Ireland Halifax
If NationWide Abbey Santander

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