Bank accounts, building society accounts and alternative bank accounts are one of those things that most people take for granted, but if you do not have an account, then you may find yourself wondering what all the fuss is about. We have broken down the top reasons that you should consider when deciding to open an account or not. Read on to find out more.
1: Your Money is Safer in a Bank Account
If you store your money in your home or with yourself, then you are at greater risk of having it stolen or losing it. You will also run the risk of it not being insured unless you can prove it was there in the first place. With a bank account, you can store your money securely and access it when you need it, making it a safer option as well as a convenient one.
2: Bank Accounts Get You Savings On Bills
If you have a bank account, you can use it to set up Standing Orders and Direct Debits which make organising your payments simpler and can save you money. Many utility companies offer a Direct Debit discount, and when you arrange payments through your bank, you reduce the risk of missing payments and getting charged for them.
3: Bank Accounts Help to Improve Your Credit Score
If you have a blank credit file or your credit score has been impacted by negative actions, then holding a bank account can help you to improve your situation. If you get a bank account, use it regularly and are sensible with your transactions then your bank will report positively on your credit file which will help to grow your credit score over time.
4: Bank Accounts Prove Your Payments Have Been Made
When you make a payment via your bank account, you have a record that it has been made. This is an important consideration when you are making payments to companies in case there is ever a dispute over your payment history. Bank statements can be posted in paper form, or you can download from your online account or mobile banking app; either way, you should always maintain a record.
5: It is Easier to Get Paid Into a Bank Account
If you receive regular payments of wages or benefits, then it is far easier to get them put into a bank account than it is to find other ways of getting your money. With a bank account, the payer can arrange a BACS payment so that you get your money on a regular basis with zero hassle.
Bank Account Summary
It is clear to see that having a bank account in your name give you greater independence and allows you to organise your money and access it easily. You can even save money that you would typically spend on payments when you have a bank account that will process them for free. What are you waiting for? Get yourself a bank account opened today and start enjoying all the benefits that come with it.
Alternative Account with Suits Me®
Suits Me® provides alternative personal accounts and financial services ideal for those who struggle to open a bank account with a high street bank. We understand the importance of needing an account to be able to manage personal finances, especially in today’s modern society.