Which account?
These days you need an account to have your wages or benefits
paid into, to set up direct debits and to shop online. Paying by
direct debit may also be cheaper.
But it doesn’t necessarily have to be a bank
account.
You have the alternative of using a credit
union or a Post Office account.
This table highlights the facilities
typically available from each provider:
| Accounts
compared |
Bank
current account |
Bank
savings account |
Post
Office account |
Credit Union |
| Can I pay
money such as wages into this account? |
Yes |
Yes |
Yes* |
Yes |
| Is it
suitable for direct payments? |
Yes |
Yes |
No |
Yes |
| Can I use
cash
machines? |
Yes |
Yes |
No |
Yes |
| Can I get
cash
back? |
Yes |
No |
No |
Yes+ |
| Do I get a
cheque
book? |
Yes |
No |
No |
Yes+ |
| Are
overdraft facilities available? |
Yes |
# |
No |
No |
| Can I pay
bills by direct debit or standing order? |
Yes |
# |
No |
Yes |
* only welfare benefits and tax credits
+ some credit union current accounts offer these
services
# some basic accounts offer these services