Banks and Handling Money in the UK Jan 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£10Yes No Yes (except withdrawals) Withdrawals only Yes Undischarge d bankrupt, record of fraud Lloyds TSB: Cash Account 18£10Yes £20 (max 3 per day) Visa debit Yes No (own ATMs only) Undischarge d bankrupt, record of fraud Santander: Basic Bank Account 16NoYes £5 – £35 (dependin g on transactio n size) No Yes (withdrawals over £300 only) Withdrawals only Yes Undischarge d bankrupt, record of fraud NatWest: Step Account 16No Yes £5 (max 10 items in any charging period) Visa debit Yes Undischarge d bankrupt, record of fraud Source: British Bankers Association, July 2010 This information is correct as at time of publication but is subject to change. Please check with your chosen bank or building society. Explanatory notes (1) Banks may cancel standing orders or Direct Debits if you dont have enough money in your account to pay them on more than one occasion. (2) Correct at time of print but always check with the bank or building society. (3) 16 and 17 year-olds can open a similar account. (4) The account may be closed if a standing order or Direct Debit is refused three times. (5) No balance enquiries or printed mini statements and only Nationwide bills can be paid. 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 youve got to spend, and planning what you are going to spend it on is an important way to make your money last! 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 Persons Railcard The NUS extra card – Key For The City Card- 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:

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 your letter request form as an attachment to 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 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 Manchesters 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!!