Bank Account Articles

Can a Managed Bank Account help restore my finances and get my money back on track?

The majority of people who have had a problem with their bank account have done so because of some form of credit issue, normally around missed payments or payments from their bank account that have been refused.

Many high street banks will allow you to set-up regular direct debits or standing orders and will make any agreed payments if you have the money in your bank account or not. By doing this they can then either charge you interest on any overdraft that may occur or charge a fixed penalty if you go into debit without a pre-arranged agreement, so if you do miss a payment, it can be quite costly for you.

A managed bank account works very differently in that there are no credit agreements in place, so no matter what your credit rating, either good or bad, you will not be allowed to go overdrawn, so you will never get charged by your bank for missing any payments.

A managed bank account will also help you manage the money in your bank account by segregating your weekly or monthly money in to what needs to be put aside for your payments from that which you can spend as disposable income.

By using the managed bank account appropriately you will ensure that any monthly payments that are due will be paid as you will have properly budgeted your wages or salary accordingly, meaning your bank account is doing exactly as is should be, managing your money.

So can a managed bank account help restore your finances? If used properly and what it is intended for then yes and whilst it will not actually directly help with your credit rating, it will certainly demonstrate that you can make regular payments to those you owe money to, which will always help when looking for credit.

By managing your money properly with a managed bank account you will also make sure you only spend the money you have available, as a managed bank account will come with a debit card that only allows you to spend what you have in your bank , so there is no chance of you over spending or spending money that you don’t have, as your managed bank account will simply not allow it.

So a managed bank account will certainly help manage your finances and could help to restore your finances by helping you keep up your payments or regular commitments and may restore some confidence should you need some credit in the future.

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