Bank accounts

If your wages or benefits are paid into a bank account it’s a good idea to separate out your money so you put aside money for essential bills like your rent or mortgage, rates and utility bills first.

One way to help you manage your money is to use a separate bank account for your essential bills and then set up regular payments from your bank to cover them.

Jam Jar Accounts

Jam Jar accounts are designed to help you separate your money into different types of spending. Usually this means your money comes into one account that is set up to cover your essential household bills. The money left over is placed in to another account which you can access via a cashpoint card or direct debit card. This means you don’t accidently spend the money meant for your rent or other household bills. Not all banks offer jam jar accounts but your local credit union may do jam jar accounts if your own bank doesn’t.

Credit Unions

You can find your local credit union through Ulster Federation of Credit Unions or Irish League of Credit Unions.

Online Banking

If you use online banking most bank accounts come with online banking tools to help you manage your money. These tools can help you organise your spending into different categories, plan saving and see how you spend your money. Ask your bank for more information about their budgeting tools.

Basic Bank Accounts

If you have had lots of debts in the past you may have found it difficult to open a current account because of information on your credit file. You should still be able open a basic bank account because this does not involve a credit check. Most banks offer basic bank accounts where you can pay money in, pay bills and take money out but usually there is no overdraft facility.

You can find out more information on how to choose a basic bank account and what is available on the Money Advice Service website.