Bank Account Limits - How Much Money is Safe? Banking

Bank Account Limits - How Much Money is Safe?

Bank account insurance (or deposit insurance) is a preventative measure employed to protect people in full or in part from any loss arising by a banks financial collapse. Basically, this is how much of your money is safe should a bank or financial institution collapse. In order to protect the investment of its clients, government and non-government run institutions maintain insurance schemes backed up by either the Bank of England or private entities to provide comfort to the public that their individual savings are not at risk. Since the 1st December 2001, the FSCS (Financial Services Compensation Scheme) has been operational, to...
Bank Accounts Banking

Bank Accounts

Many different types of bank account exist, and banks are very often changing their incentives, terms and conditions and charges to make one account or bank appear more attractive than its competitor. When most people talk of a ‘bank account’ what they are often referring to is a ‘current account’. Although more basic accounts exist, a typical current account will come with the facility to automatically receive payments (from wages/benefits) set up direct debits, standing orders, access to online and phone banking and debit card facilities for making store purchases, online shopping and withdrawals from ATMS. Many accounts...
Student Bank Accounts Banking

Student Bank Accounts

Whether you’re studying at university on a part- or full-time course, you are eligible to apply for a student bank account. These have a number of advantaged compared to regular current accounts as high street banks often offer special deals and incentives to encourage students to choose them over the standard accounts offered. Eligibility for a student account In order to be eligible for a student bank account you need to be enrolled on a higher education course within the UK. Credit scoring is done slightly differently for student accounts, but if you have a particularly bad credit history then your application may be rejected...
Improving My Credit Rating - How To Do It Banking

Improving My Credit Rating - How To Do It

When it comes to improving your credit rating, it's worth checking if it's being affected adversely by simple factors such as address details or more complex ones such as poor payment history and adverse credit. First things to check when it comes to your credit rating are: Are you listed correctly on the Electoral Register? This might seem simple, but if your banking address details do not match your ‘residential address’ on the government database, lenders will failing you when searching for identification purposes. Do you have any mistakes on your payment history to creditors? Sometimes errors can occur and what appears to be a...
Debt Problems: Am I in debt? Banking

Debt Problems: Am I in debt?

With the current financial climate, many people of all ages are experiencing financial instability, leading to increased debts and an inability to make monthly payments on time. With all debt problems, there are usually ways to reduce the debt and payment pressure to ultimately make the situation more manageable. Is there a quick-fix solution to my debts? Solutions are seldom quick, but with all types of debt, there is a path that can be taken to stop them spiralling out of control. What is imperative is that the problems are dealt with sooner rather than later. Debts, as you may be aware, can quickly start to affect all elements of...
How To Reclaim Bank Charges Banking

How To Reclaim Bank Charges

Despite the result of the Supreme Court ruling on the Bank Charges test case, it is still sometimes possible to be refunded bank charges. Although you’re not guaranteed to receive any refunds you can follow a cost free, and also risk free, approach. Write to your bank The first step is, of course, to write to your bank detailing charges that you feel are unfair and request a refund. Make sure that you are polite and formal in your letter but you can mention that you will pursue the matter through the financial Ombudsman or the courts if the bank does not resolve the matter. Be sure to act confidently but remember that the bank do...
What is a Credit Rating? Banking

What is a Credit Rating?

A credit rating, also known as a credit score, is a point system assigned to people based on their financial history and assesses how credit worthy you are. For example, if you have always paid off your credit cards, overdrafts, loans, mortgage payments, council tax bills, etc without any problems then you should have an excellent credit rating. People with good credit will usually find it easier to obtain credit in the form of loans, car finance, etc - whereas people with bad or fair credit may find it slightly harder to obtain credit cards and bank accounts. How do credit score ratings work? Different lenders score you in different...