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Click the links below to find out more about how to better manage your money
  • Bank accounts

    Bank accounts can really make it easier to manage your money but many people still don’t have one. It’s becoming increasingly important for those who receive benefits to have a bank account as some of the government’s changes to the system mean that benefits will have to be paid directly into a bank account in future.

    There are many other benefits, including:

    • If you are working, you will need a bank account for wages to be paid in
    • A bank account is safer than keeping large amounts of money in your home
    • Bank accounts will enable you to take advantage of discounts and savings on paying bills
    You should always remember that you can be charged if there isn't enough credit to cover outgoings, payments into an account do not always become available immediately, and some cash machines will charge for use.

    There are different types of bank accounts. Some are not available to everyone.


  • Basic bank accounts

    Basic bank accounts are available to everyone, even if you have a bad credit rating.

    Basic bank accounts will not have an overdraft, cheque, or debit card facility. However, direct debits can be set up and cheques and benefits can be paid into these accounts.

    To open a basic bank account, you will need to visit the bank in person. You will also need to provide two forms of identification and proof of where you live.

  • Savings

    Benefits of saving

    • You will have money set aside for emergencies or difficulties
    • You will earn interest on savings
    • You will be able to save up for a specific purchase or goal

    Things to note

    • Be careful where and how you save as it is unsafe to keep large amounts of cash around your home
    • Having a large amount of savings could affect the amount of benefit you will receive

    Types of savings

    • Different types of savings may be appropriate for different circumstances
    • The interest rate of a savings account determines the amount of money you gain from savings
  • Loans

    If you are unable to apply for a loan through a bank or building society then you can still access credit that is both affordable and safe. Many people fall into the trap of having to use illegal money lenders as they are denied credit by the high street banks, we would strongly advise against this as the repayments can be extremely high. If you find that you are struggling to access a loan then there are various credible organisations that exist that can help. You can speak to Citizens Advice for more information.

    YHN also works with Money Wise Credit Union who may be able to help and we offer an ethical alternative to high street rent to own schemes which you might find useful – see the Own your Own pages in this website for more details.

    If you are concerned about budgeting or worried about a loan you have already taken out, please don’t suffer in silence – contact us to see how we can help you.

  • Contact us

    The quickest way to get in touch with our Advice and Support team is to use our online referral form.

    If you want to speak to a member of any of the teams, your YHN Housing Services Officer can arrange this for you