Before knowing about basic bank accounts, it's necessary that you should be aware of what a bank account actually means and how to get it.
What Does a Bank Account Mean?
An account with a banking company that is used for financial purposes of a person is known as a bank account. It usually has the records of financial transactions between bank and its customer and his resulting financial status with the bank. However a bank account is a financial institution that has an arrangement to take the deposit of the customer and protect it under its security. In the bank, the financial assets or funds are provided to the resources that are productive and the remuneration is provided from the earned profit of the bank which it gets from the deposit of the customers. Such an arrangement leads to the management of the customers’ money.
How to Get a Bank Account?
In order to have a bank account, there are several options. It is easy for people to get a bank account to secure their financial assets. For the persons who want to get an account, it is necessary to select a bank, provide specific details and find the account. After the completion, they will be capable of protecting their money and saving their precious time. Besides that, only those persons allowed to open bank accounts that have enough money to meet the minimum balance required by the bank. Such people rely on other options, mostly check-cashing services.
What are Basic Bank Accounts?
For the persons who have no eligibility for opening a current account, a fee-free basic bank account is the best option. This account is usually free for the first year. You can manage it by an app, online, a bank's branch or a mobile phone by paying your income in. You can hold only one basic bank account if you do not have a good credit history and income facilities. Direct debits assist you to withdraw money, submit payments, and manage daily payments. In such accounts, there is no role of cheque book or overdraft. These include online and telephone banking, direct debit and cash card, and ATMs.
Who is Eligible for Holding a Basic Bank Account?
Those people whose age is above then 18 years and who are the legal residents of the European Union are eligible for opening or holding a basic bank account. Additionally, the customers of this account should not have a current bank account in Ireland or another account for personal payments.
How Basic Bank Accounts do are Significant for Your Financial Future?
Basic bank accounts are significant in storing your wages accompanied by paid funds and Universal credits. They assist you in your bill payments through direct debit whenever you want. You can reach ATMs, mobile banking, debit cards, Apple, Google and Samsung pay, cash back, post office, and bank branch to deposit and withdraw cash in the future. These services are fee-free and assist you to fulfill your responsibilities by withdrawal of saved money in the future. Hence basic bank accounts provide you different services regarding your needs and protect your financial assets.
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