Bank account blues
Question
I'm studying at the moment and I'm finding it really hard to manage my money. I'm so in debt now that I can't open a bank account. I really need to have one, can you tell me who might let me open one?
Answer
Once you have a poor credit record it is often difficult to get a standard bank account but there are other types of bank account you can apply for. These accounts are called basic bank accounts and they will allow you to pay money in, draw money with a card and set up direct debits and standing orders, but they will not allow you to have any more than a £10 overdraft.
Although the high street banks have these accounts they can sometimes be reluctant to offer them to customers. You may want to try one of the building societies instead, because they are often more willing to allow you to open such an account.
If you're finding it hard to make ends meet, you may want to consider drawing up a budget each month, to see what you have left over after paying for essentials. You can find an interactive budget sheet on the askcab website that may help.
If you have debts you can get free, confidential help and advice from your local Citizens Advice Bureau (CAB), or you can call National Debtline on 0808 808 4000.
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