How to Successfully Open and Manage Your Bank Account

The way in which bank accounts operate has changed dramatically over the years. Now, thanks to technology, the majority of people choose to do their banking online. The question is, how can you open and manage a bank account online? Here, you’ll discover everything you need to know.

Choosing the right bank account

These days, there’s a huge range of bank accounts to choose from. You have basic bank accounts, current accounts, joint accounts, packaged accounts and credit union current accounts. Some come with rewards, others are designed to help you to manage bad credit, while others allow numerous features such as an overdraft.

Due to how much choice there is available, it helps to think about your particular needs. Then, once you know what type of account you need, compare your options to ensure you’re choosing the best account.

Opening a bank account

When you’re ready to open an account, it couldn’t be simpler to do it online. You can usually open an account directly online, but there is a chance you may need to provide proof of ID and address. If you’re choosing a bank with offline branches, you may need to pop into your local branch with your documents. However, if you’re using a bank that operates solely online such as Think Money, proof of ID can usually either be sent via the post, or scanned and sent online.

Setting up your statements

Now you’ve opened a bank account, it’s important to keep on top of it. One of the first things you’ll need to do is sort out how you want to receive your statements. Would you prefer online only statements or paper statements? Most people switch to online statements due to the convenience and environmental benefits. There will be an option on the bank’s website or when you’re setting up the account, to switch to online statements.

However, if you do opt for online statements, you’ll need to remember to view them. You’ll typically receive a notification when your statement is ready to view. Looking over it will help you to identify any potential problems early on.

As you can see, opening and managing a bank account couldn’t be easier. With online banking, you can make payments, transfer money, set up direct debits and standing orders and view and manage your statements. You can even download smartphone apps to bank on your mobile too.