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Moneywise

There are so many bank and building society accounts available and lots of ways to use your account. If you’re looking to save money, you might want to consider changing how you use your account, or switching to a different bank.
Online banking is the quickest way to access your bank account and manage your money. You can use it to do lots of things, like:
Being able to access your account quickly will help you manage your money and keep track of your costs. It also allows you to make use of other features your bank might have available, such as budgeting tools or advice on managing your energy costs.
For help with using online banking, visit Learn My Way or Hi Digital. They also have advice on how to get started with technology in general – for example, using the internet or a smartphone.
You may be wary of using online banking. Banking online is a safe process, but you should still take measures to protect your account. For example, you should always log out after you’ve finished banking online, and only use a secure internet connection and device you trust. This will protect your money from scammers and other online dangers. Visit Get Safe Online or our Scams information for more advice.
If you prefer not to use online banking, contact your bank to see other ways you can manage your account. Depending on the bank, you may be able to get guidance in-person at your local branch. You could also use a Banking Hub. Banking Hubs are partnered with a number of banks, and offer a place to manage your banking in-person. If you’re looking to speak directly with your bank, representatives from different banks will sometimes be available to speak with. Visit the Post Office to see if there is a Banking Hub near you.
You may be able to manage your account over the phone, but keep in mind that some bank helplines may have long wait times.
You may want to include a family member or friend in the managing of your account – our Talking about who will make decisions page has more information.
If you want to find out better ways to save money, or if you’re struggling to pay off your overdraft, you might want to contact your bank's helpline. They can offer advice on how to get help and suggest options that would suit you best.
If you notice any suspicious activity on your bank account or accidentally transfer money to the wrong account, contact your bank as soon as you can. You should also contact your bank if you think your bank card details have been stolen. Some banks may allow you to pause or stop bank cards from your online account or banking app.
If you think you’ve been scammed, you can report it to Action Fraud. For more information, visit our webpages Stopping financial abuse or What to do if you’ve been scammed.
Your bank may offer other ways to cover costs, such as a credit card, but it’s important to make sure these things are right for you.
A credit card allows you to borrow money from your bank, which you then have to pay back (you usually get a bill each month). Some credit cards, such as cashback and other reward-based cards, can let you earn money back with every purchase you make with that card. The amount you earn is usually a percentage of each purchase you make. Cashback can add to your income, especially if you normally spend money with the shops and companies that offer it – for example, supermarkets. This could help if you don’t have much in savings and don’t go overdrawn.
However, credit cards can be difficult to manage. If you don’t pay back all that you owe when your payment is due, you may be charged interest. You may also have to pay a fee to use the credit card. Some credit cards have a credit limit, meaning you’ll be charged if you go over it.
It’s important to get advice to find out what would work best for you – visit MoneyHelper or our Help if you’re in debt webpage for information on where to get help.
You can choose to close a bank account or change banks at any time. Switching is usually very simple and quick – your payments are automatically moved over for you by your new bank or building society. Savings accounts usually can't be moved automatically, and you may need to speak with your bank to arrange it. For more information about how to switch banks, visit MoneyHelper or MoneySuperMarket.
Some banks may offer perks or benefits that would suit you better and help you save more money. However, make sure to take your time and choose the best account for you. If you’re in debt or on a low income, it might help to get advice before deciding – visit our debt webpages or our Extra help with essential costs if you’re on a low income factsheet for contact information to advice helplines.
Here are some reasons why you might want to switch bank account.
It’s easy to lose track of old bank accounts. You can use the free My Lost Account service, or if you’re not online, call:
You can also trace lost pensions or insurance policies:
For more information about how to switch banks, visit MoneyHelper or MoneySuperMarket.
MoneyHelper has a guide to help you choose the right bank account for you.
Visit Hi Digital for an introduction to online banking.