BANK ACCOUNTS AND SAVINGS
Most people have a bank or building society account, to keep their money safe and for their employer to pay wages into. It also means that you can pay money to others without using cash.
A current account usually comes with a cheque book and cheque guarantee card (if you are over 18), and a cash machine card. Shop around for free banking and interest paid when you are in credit, low charges on overdrafts, a branch that is easy to get to, standing order and direct debit facilities (to pay money out of your account regularly like rent or bills). Most now offer telephone and internet banking.
If you need to go overdrawn in your account, make sure you arrange it with the bank first, as they will charge you a lot more for an unauthorised overdraft. Find out what it will cost you first.
If you don't want or aren't allowed these extra facilities (for example, if you're new to banking or have had difficulties in the past), most banks, building societies and the Post Office offer a 'basic account'. This should allow you just to pay money in and to withdraw it at a cash machine. If you claim benefits or get a job for the first time, you will need an account to receive your money.
It's worth having another account to put money aside, however little, so that you are less likely to spend it with your 'everyday money'. Shop around for the best rate of interest at banks, building societies and the post office (National Savings). Some accounts offer more interest but you cannot always get at your money as quickly - you may need to give them notice. Read the small print.
You can also save through York Credit Union.