Most adults in the UK have a bank account or building society account. To open one you usually need photo ID and proof of address. The Bank of England, founded in 1694, is the central bank: it issues banknotes in England and Wales, sets the official Bank Rate that influences interest rates throughout the economy, and oversees the stability of the financial system.
Further reading: an editorial guide on this topic opens in a new window for additional context.
British shoppers have moved rapidly away from cash. Contactless cards and mobile payments (Apple Pay, Google Pay) are now accepted in most shops, on most public transport and even in many places of worship. Cheques, once everyday, are now rarely used. ATMs (cash machines) are widely available but may charge a fee in some independent locations.
You may be asked which bank issues banknotes in England (the Bank of England), or what year it was founded (1694).
Test yourself on this topic
These questions from the official-format question bank cover the same material. Tap any question to see the correct answer and a short explanation.
Keep going
- Read the full study notes for Modern Society.
- Try a practice test on this chapter.
- Sit a full 24-question timed mock.
- Browse the complete library of topic explainers.
Related topic explainers
Mothering Sunday and Father's Day
When the UK celebrates parents and the difference between Mother's Day in Britain and in America.
Football in Britain
The world's most popular sport, the FA Cup, the Premier League and Britain's contribution to it.
British Cycling Success
Bradley Wiggins, Chris Froome and the rise of British cycling to the top of the world.
Golf and St Andrews
A Scottish invention, the British Open, and the home of the game on the east coast of Fife.