GCSE-readyBank accounts, payments and staying safe from scams
Most money today moves between bank accounts. Knowing how accounts work, and how to protect them, keeps your money safe.
Types of account
A savings account pays interest and is for money you want to keep.
Many banks offer accounts for children and teenagers, with age limits that vary from bank to bank.
Your balance is how much money is in the account. A bank statement lists money in and out.
Ways to pay
Standing order: you tell your bank to pay a fixed amount regularly, such as £10 a month to a club.
Direct debit: you let a company take payments from your account, such as for a phone contract. The amount can change, and you are protected by the Direct Debit Guarantee.
Bank transfer: sending money to another account online or in an app.
Scams and fraud
Your bank will never ask for your full PIN or password, or ask you to move money to a 'safe account'.
Money muling: criminals may offer cash to use your account to move money. This is a crime and can lead to a criminal record and losing your bank account.
If you think you have been scammed, tell your bank straight away. You can also call 159 to reach many UK banks safely.
Kai gets a text: 'Your bank account is locked. Click this link and enter your PIN.' What should he do?
- Banks never ask for a full PIN by text.
- The link could lead to a fake website that steals his details: this is phishing.
- He should not click it, and should contact his bank using the number on his card or by calling 159.
Answer: Do not click or reply. Contact the bank using a number he trusts, such as the one on his card.
A current account is for everyday money; a savings account earns interest. Payments include debit cards, standing orders, direct debits and transfers. Banks never ask for your full PIN. Phishing steals details; money muling is a crime.
- Interest
- Money paid for the use of money: savers earn it, borrowers pay it. Shown as a percentage per year.
- Phishing
- Fake messages pretending to be from a trusted organisation, to trick people into giving away personal details.
- Standing order
- An instruction you give your bank to pay a fixed amount regularly to someone.
- Direct debit
- An instruction letting a company take payments from your bank account. The amount can change.
- 159
- A phone number that connects you safely to many UK banks if you think you are being scammed.
- Not “A direct debit”. A direct debit lets a company take payments, and the amount can change.
Try two quick questions
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2 more questions
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Which bank account is mainly for keeping money you do not need straight away, often earning interest?
- A savings account
- A current account
- A credit card
- A loan
Show the answer
Answer: A savings account
Savings accounts are for money you are keeping; current accounts are for day-to-day spending.
What is the main difference between a debit card and a credit card?
- A debit card borrows money; a credit card spends your own
- There is no difference
- A debit card spends your own money; a credit card borrows money
- Credit cards can only be used abroad
Show the answer
Answer: A debit card spends your own money; a credit card borrows money
Debit cards use money in your account; credit cards are borrowing.
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Checked by the GCSE-ready editorial team, 23 October 2026. Last updated 2 October 2026. Spotted a mistake? Tell us and we will fix it.