Understand your account

You can also use a credit card to take out money, but you'll normally be charged a 'cash advance fee' and interest.

To take money out of machines abroad you need a CIRRUS or MAESTRO symbol on your card. The money comes out of your account in pounds and pence, but the money you get is in local currency. Check with your card provider where you can use your card and any charges.

Banking services
What is a standing order?
This is when your bank makes a payment for you on a set date. The money comes straight from your account, so it is useful for making payments of the same amount, to the same company, at regular times. You control the standing order, so you set the amount, number and date of payments. You set up standing orders direct with your bank.

What is a direct debit?
Direct debits are very useful for paying bills where the amounts vary each time, like monthly phone bills. You get a direct debit form from the company you wish to pay. This lets the company ask your bank to pay them directly from your account - no matter what the bill is. Unlike a standing order, direct debits are controlled by the company you are paying - they ask the bank for the money from your account each month. You can save money on bills by paying with direct debits, as some companies give a discount.

What is an account transfer?
An account transfer is where you transfer money from one account to another. This can be either accounts held within the same branch by the same person, or accounts held by different people in different banks. If they are between accounts held by different people in different banks it can take a few days to happen, but there are often no charges for this service.

What is CHAPS?
These are electronic payments the bank makes for you to another bank. It's usually used when you need to move big sums of money, like when you buy a house. Banks guarantee the money gets to the other bank on the same day, if you tell them by a set time. Banks normally make a charge for CHAPS payments.