Opening a bank account

Most high street banks now offer a basic bank account that don’t charge a fee.

Opening a current account with your bank will help you to manage your money day to day, and help you keep track of your spending.

You can use your account to pay out your bills, and have your wages or Universal Credit paid in.

How to open a bank account: 

If you are struggling to open a bank account due to lack of identification documents or if you would like further help or advice on opening a bank account, please contact us.

Credit Unions

Credit Unions are not for profit financial organisations, set up for a specific community known as a common bond.

This usually means that you need to live in a certain area to join a particular Credit Union.

Credit Unions offer savings accounts, helping you to save for emergencies or expenses such as Christmas.

They also offer loans that are likely to be cheaper than payday or doorstep lenders, and may be able to offer you a loan where your bank has refused.

You can locate your local credit union here.

Check out our blog on credit unions for more information.

The Experian Rental Exchange

The Experian Rental Exchange is a way to strengthen your credit report without you needing to take on new credit.

We recently wrote to all customers to notify you of our plans join the new  scheme, which enables registered landlords to share details about the rent you pay with Experian on a monthly basis.

By incorporating rent payments into your credit file you will then be recognised for paying your rent on time, helping you build your credit score. (In the same way homeowners are recognised for paying their mortgages each month).

How will this benefit Onward customers?

By building your credit score it, it will prove to companies that you’re a reliable ‘potential customer’, and by having additional information on your credit file, it can also make it quicker and easier to:

  • Open a new bank account
  • Get a new credit card
  • Have a loan application approved
  • Arrange a better utilities tariff, or qualify to pay for gas/electricity via a non-prepay tariff
  • Receive better mobile phone rates and more…

We have included a helpful FAQ here. 

Next steps….

We will be sharing the information Experian as outlined on 1st October and each month after that (no further action is required). Should you wish to opt out prior to this date please Contact Us.

 Useful websites

Advice on Credit Unions