Disclaimer: Our website and publications aim to give you general information to help you make financial decisions. It is not advice, nor can it take account of your own particular circumstances. Our helpline can answer general enquiries about financial products and services on 0300 500 5000, and give you information and pointers to help you work out what’s right for you. For advice with a view to making decisions about your own circumstances you should consult a financial or other professional adviser.

© The Financial Services Authority.

Running your account

Usually there are three stages:

1. Paying money in

  • You can take cash and cheques made payable to you to your local branch, and complete a paying-in form.
  • You can pay in cheques made payable to you, by post to your branch.
  • Your account can receive automated transfers, such as your salary, paid straight into your account by your employer. This is known as payment by BACS and your employer will need your bank details to do this, including your sort code and your account number. You’ll find these on your bank statement, cheque book or card.
  • Keep your bank details safe and protect yourself against fraud. Find out more in the Stay safe section of this site.

2. Paying money out

  • Get cash out from a cash machine, at the supermarket and other shops (known as cashback), or at your branch. There is a limit to how much you can get each time. This money is deducted from your account straight away.
  • Pay for goods using your debit card or by cheque. This usually takes between 3-5 working days, so check with your bank.
  • Pay bills by direct debit, standing order, cheque, telephone or online banking. Some banks are now using the Faster Payments Service (FPS) for internet, phone or standing order payments. This means that payment can be made on the same day for standing orders and within two hours for phone or internet payments. Your bank will tell you when your account is enabled to use the FPS. You can check that the receiving account is allowed to receive faster payments by asking your bank or using the APACS sort-code checker – see Related links.

For information about using cheques safely, paying safely online and an explanation of what happens when you pay by debit card, visit the APACS website – see Related links.

In the UK, we now use 'chip and PIN' for the vast majority of our transactions. Chip and PIN means your cards are better protected from fraud. For more information, visit the Chip and PIN website - see Related links.

Make sure you keep track of how much money is left in your account, because if you go overdrawn you may be charged.

3. Keeping track of your money

  • Check statements from your bank and report anything wrong.
  • Check receipts or mini-statements from cash machines and report anything wrong.
  • Fill in cheque book stubs to keep track of what cheques you have written and who you've written them to.
  • Keep paying-in stubs until the money has arrived in your account.

Keep track of where your money is going and keep your bank statements in a safe place. You may need them for tax purposes.

It's a good idea to shred any personal data once you no longer need to keep it - this helps protect you against identity fraud - see Stay safe.

4. Switching accounts

You may wish to switch accounts if you're moving home, or to get a better deal. Check the interest rate and overdraft charges to see if you'd be better off.

Some banks offer an automatic switching service when you move your account to them, by arranging to contact your employer (for your pay), and any regular payments that you have set up, to move them over.