Given that half of the top twenty companies in Scotland are described as financial services companies, it’s easy to find a competitive solution to your finance needs.

Setting up a bank or building society account is something you'll want to do fairly quickly after arriving in Aberdeen, as many employers prefer to pay wages directly into a bank account.

There is a great deal of choice in the UK when it comes to personal finance arrangements, so it's best to shop around for the services that best suit you and your family. If you are self-employed, you may also want to consider enlisting the help of an accountant or independent financial adviser to help you make the most of your money.

Banks offer current and saving accounts, cheque guarantee cards, credit cards and a range of financial services including insurance cover and pensions. You can make regular payments for utilities and other household expenses through a standing order arrangement with your bank. You can also use debit cards, telephone or Internet banking services. Similar facilities are also offered by Building Societies.

Most major branches of banks are open during office hours and some are open on Saturdays. Some smaller branches will close at 3.30pm. Cash points are easy to find in and around Aberdeen although more difficult to find in small towns and villages. Many cash cards, regardless of the issuing bank, are part of a Link system, which allows them to be used at cash points other than those of your own bank. Credit cards are widely used and accepted.

Opening a bank or building society account

To open a personal or business bank account in the UK you will have to visit the UK bank or building society you wish to open an account with and provide appropriate documentation. You must normally provide evidence of identification (for example, a current passport or photographic driving licence) and proof of address (a recent utility bill, council tax payment book, TV licence or mortgage statement). To set up a business bank account additional information may be required. Application forms can usually be obtained from any branch on request.

The contact details of the main banks and building societies in Aberdeen are listed below:

Credit may be required for a variety of purposes, for example, to finance a new business or to purchase business assets.

For this you may need to obtain:

• bank references
• trade references
• reference from professional advisors

For this you may need to have:

• bank references
• references from potential advisors
• copies of prior period accounts
• a guarantor

You should be aware that failure to comply with UK money laundering regulations is a criminal offence. In order to protect yourself and to comply with these regulations you should:

• verify the identity of every person or entity with whom you intend to form a business relationship
• maintain record keeping procedures
• maintain internal reporting procedures
• appoint a money laundering reporting officer

Insurance is big business in Britain and a whole range of organisations provide it from traditional insurance companies to banks and building societies. You can buy every kind of insurance from household, car, life and health insurance to holiday insurance. It pays to shop around for the best policy as costs can vary enormously. You can appoint an insurance broker to do this for you and they should select the best policy for your budget and your needs.