A study undertaken by the Department of Work and Pensions highlighted that newly single women suddenly have to deal with the financial affairs and paperwork that their partners took care of 19 per cent of ‘SWOFTIES’ (Single Women Over Fifty) have never opened a bank account.
while they were married or in a relationship. This could be for up to four decades!
Opening a bank account is the first step you must grasp to take control of your personal finances and while it is not hard, there are a few things you need to be aware of.
1. In order to open a bank account you will need to complete an application.For some accounts you may have to pay money into it. This can usually be as little as one pound. Some banks may also want to check your credit history.
2. You will be asked to prove who you are This is necessary in order for banks to guard against money laundering whereby criminals try to open accounts – often in false names or using stolen identities – with money made from or intended for illegal activities. By law banks must check to make sure they know their customer before letting you open an account. You can prove your identity by producing your passport, driving license or a letter from a government department or local authority confirming a right to State benefits.
3. Prove where you live. Take with you a utility bill under three months old which confirms your address.
Once your account is open you can start managing your money straight away. Follow these easy steps and you will get a bank account and have it open in no time. Remember, there is plenty of help out there to get your personal finances into shape once you have.