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Basic bank account feature
Having problems applying for a current account due to previous bad credit? The Basic bank account could be the answer. A number of banks and building societies offer basic bank accounts. In most cases they work by providing the customer with a debit card which can be used to pay for shopping and everyday items. Many of these accounts also allow customers to use cash machines near to their workplace or home free of charge (read any terms and conditions regarding charges).
Listed above are basic bank accounts available under your search. Just click on the more information button to get further details about any free basic bank accounts.
Lots of banks and some building societies offer basic bank accounts In most cases they provide you with a debit card which you can use as to pay for your shopping and or you can use cash machines near where you live or work for free (read any terms and conditions regarding charges).
Can I open a basic Current Account whatever my credit history ?
In most cases the answer is yes, however it does depend on the bank or building society you are dealing with. The bank or building society may require a detailed understanding of your credit history. This is mainly to check if you have been made bankrupt or have any county court judgments (CCJs) against you. If you have experienced such issues though, it may not necessarily stop you from opening an account.
It is very important to check whether the specific account you are thinking of opening will accept people who are bankrupt right from the outset. There are a few specialist bankruptcy bank accounts available which include Barclays, Nationwide, card one banking and the Co Operative.
I am bankrupt, is there any bankruptcy bank accounts?
Not all basic banking accounts accept people who are bankrupt, in fact there are only several bankruptcy bank accounts available they are Barclays, Nationwide, card one banking and the Co Operative.
How do I keep track of my money with basic bank accounts ?
You usually get a monthly or 3 monthly statement in the post or alternatively you can register online for internet banking. Nearly all providers now offer mobile banking which is a secure and instant way to keep in direct control of your finances whilst on the move.
With most basic bank accounts you can check how much money you have and also get a mini statement from a cash machine showing the most recent transactions.
What if there is not enough money in my account to cover a direct debit or standing order?
With basic bank accounts you cannot go overdrawn because you won't get an overdraft facility. But if you pay your bills by direct debit or standing order and there isn't enough money in your account, then they will not make the payment but you may still be charged. Some account providers may cancel your direct debits or standing order, or even close your account completely. You will still have to pay the bill as well as any further charges they may impose. It is vitally important to make sure you have enough money in your account to pay your bills.
Bank Account Reviews:
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The advantage of opening Basic Bank Accounts
A bank account allows you to receive money, pay bills and manage your finances all in one place.
With bank accounts you can:
• Have your wages, benefits, pension or tax credits paid directly into your account;
• Offer a way to view your account either by going to a local branch, online, over the phone, statements provided or via your mobile.
• You DO NOT get a cheque book but free debit cards do come with your account, in most cases a visa debit card.
• Pay in cheques for free (remember you will have to wait until the money is available for you to spend);
• Take money out at cash machines with a cash card (usually free, but some cash machines make a charge)
• Pay and set up bills payments by direct debit, Standing order
Useful info - Using Debit Cards abroad
Useful info - Prevent Debit Cards Fraud
Useful info - What is a Debit Card
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