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.

Managing your bank account

Using online banking

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:

  • checking your bank balance and statements
  • paying bills
  • cancelling direct debits
  • contacting your bank quickly if something goes wrong.

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.

Other ways to manage your account

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. 

Managing problems with your account

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.

Credit cards

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.

Switching bank account

How to switch bank account

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.

Why you might want to switch bank accounts

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.

  • Managing your overdraft – If you are in your overdraft, or go into it regularly, a different bank might help you manage it better. For example, you might be able to get an interest-free overdraft, meaning you won’t be charged. These are often for small amounts, but it could be enough to help you get back on track. However, if you’re currently overdrawn, keep in mind that you might not be able to switch bank accounts until you’ve paid off the overdraft. For more information about overdrafts, visit MoneyHelper.
  • Earning a cash bonus from switching – Many banks offer a one-off cash payment if you switch to them, ranging from £50 to £200. However, keep in mind that some banks may ask for a minimum amount to be deposited when you switch. It might also get confusing if you switch your bank account often.
  • Packaged accounts – Some banks offer rewards and benefits when you sign up, such as breakdown cover or phone insurance. Be aware though that you sometimes get charged a fee for these accounts, or have to put a minimum amount into the account each month to qualify for the benefits. Before switching, try to work out whether you will end up saving money once the bank’s fee is added in. Visit MoneyHelper for more information.
  • Better customer service – Some banks have a reputation for dealing with customers more quickly and fairly than others. You might find this helpful if you have to speak with your bank often. MoneyHelper has advice on how to find the right bank for you.
  • Higher interest – you might be able to get higher rates of interest from some current accounts, meaning you’ll be able to earn more money from your savings. There’s often a cap on how much money you can earn interest on, and you might also have to pay in a minimum amount each month.

Tracing lost accounts

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:

  • UK Finance about bank accounts (020 3934 0329) or
  • the Building Societies Association (020 7520 5900) for help.

You can also trace lost pensions or insurance policies:

  • Pensions – contact HMRC on 0300 200 3500 if you can’t remember the name of your personal or workplace pension scheme(s). Once you have the names, use the Pension Tracing Service (0800 731 0193) to recover your pensions.
  • Insurance policies – contact the insurance company directly. The Association of British Insurers has useful information on its website about how to trace an insurance policy (020 7600 3333).

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Next steps

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.

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