Banking safety and terminology
In this section, you will find useful advice for students about understanding banking terminology and keeping your bank account details secure.
In this section, you will find useful advice for students about keeping your bank account details secure.
How to keep your bank account details safe and secure
- Never share your bank details with anyone you are not sure about
- Always log out of internet banking properly (on a personal, mobile or public device).
- When entering bank account details online (e.g. while shopping), make sure the start of your webpage URL begins with 'https://' rather than 'http://' to indicate that it's a secure page. Some browsers also have a padlock icon beside the URL (Google Chrome) or an icon saying 'Secure' (Internet Explorer).
- Be aware of how your bank will communicate with you and do not respond to emails (a.k.a. 'phishing' emails) that ask you to enter account details.
- If anything seems too good to be true, it probably is! Be cautious of any email that is requesting sums of money to be transferred or asking for your personal bank details to transfer money for somebody else. This is money laundering and it is ILLEGAL!
Recognising scams (Advice Place website)
What to do if you are worried about the security of your bank account
If you think your account details have been compromised in any way, contact your bank immediately.
If you are concerned about the safety of your bank account details, especially if you think their safety might have been compromised or have any questions about money laundering, contact the Advice Place.
| ATM (Automated Teller Machine) | ATMs are machines that allow you to withdraw cash. |
|---|---|
| AER ( Annual Equivalent Rate) | This shows you have much interest you can earn on your account. |
|
Banker's draft |
This is similar to a cheque which you can use to make a payment. It is made by the bank using your funds. |
|
Bank statements |
This is a statement from your bank giving details of the transactions on your bank account. Most people will receive these online, but your bank should be able to print a statement for you on request at the branch. |
| Contactless payment | Some cards now allow you to pay by touching your card on the card machine. You can spend up to £45 using contactless. |
| Current account | The most common type of bank account is a ‘current account’ which allows immediate access to your account in contrast to an ‘interest-bearing deposit account’ which normally requires you to provide the bank with some notice before you can withdraw any funds. When dealing with student banking, 'current accounts' are often referred to as 'student account'. |
|
Direct Debit |
You set up a Direct Debit so bills and charges, such as your phone bill or internet, are taken automatically from your account. The date and amount can vary. |
| EAR (Equivalent Annual Rate) | This show you have much interest you can be charged if you go overdrawn on your account |
|
ISA (Individual Savings Account) |
These are available to all UK residents over 18. They can have tax benefits. |
|
Overdraft |
An overdraft allows you to spend more money on your account than you have. It can be authorised (agreed to in advance) or unauthorised. Sometimes there is a charge for an overdraft. |
|
PIN (Personal Identification Number) |
Your PIN is the four-digit number which is used when paying by card or taking money from a cash machine (ATM). |
|
Payee |
A person who receives payment. |
|
Payer |
A person who makes a payment. |
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Standing Order |
A regular payment made out of a current account. It is a specific amount and is set up by the account holder. Standing Orders are often used to pay your rent. |
|
Identity theft |
Criminals sometimes steal personal details to open or use an account and spend that person's money. It is very important to protect your personal information. |
Relevant Links
Protect yourself against fraud | The University of Edinburgh
Your Essential Top 6 Tasks | The University of Edinburgh