In an ideal world, we’d all have enough time every day to sit down and properly organise our finances. Unfortunately, the reality of working, looking after the kids and all our other daily commitments can often make this easier said than done.
However, there are banking options available which could help to improve the way you manage your money. One way is by opening a basic bank account, which could help you stick to a budget, keep track of your money and avoid extra charges.
Let’s look at some of the benefits that basic bank accounts could offer.
Open to everyone…
If you’ve had trouble with your finances in the past, such as debt problems, it’s likely that your credit rating will have been damaged – which means you could have difficulty opening a standard bank account with many high street banks and building societies.
One advantage of basic bank accounts is that they don’t tend to require a credit check before you open one – so even if you have a less than ideal credit rating, you should still be able to get a basic bank account, regardless of your financial situation.
It’s important to look around for a bank account that really suits your needs – you could take a look here if you want more information on opening a basic bank account.
Helping you to budget
If you’re looking for a bit of extra help when organising your finances, some basic bank accounts – such as managed bank accounts – come with a budgeting service which means money for all your essential living costs and important commitments will be put aside each month, so you won’t accidentally spend any more than you can afford to from month to month on non-essential things.
Knowing that you’re not missing any of your important expenses could take a big weight off your shoulders and give you one less thing to worry about every month.
Saving you money?
Bank accounts can sometimes come with unexpected charges that could put a strain on your finances – for example, if you go into your overdraft or miss a payment.
So the fact that basic bank accounts don’t offer overdrafts could be a ‘pro’, rather than a ‘con’ – not just because it can help you live within your means, but because you won’t end up paying overdraft charges. Just make sure you understand what you will be charged before you go ahead and open an account.
