Bad Credit Bank Accounts

Published on 25 July 2013 by raff

Basic Bank Accounts – All That You Must Know About The Accounts, If you go by the latest data findings, more than 3 million adults in United Kingdom access the basic bank accounts. This is particularly because most of the people suffers from bad credit scores and are not eligible for the bank accounts. Lack of positive monetary history as well as financial difficulties of the past are considered to be the primary reasons behind the bad credit scores. The high street banks are basically keen on banking with people who have a good credit score. These banks are extremely cautious about offering credit facilities like overdrafts that are available to individuals with sub-prime ratings.

According to the government of the state it was very essential to help the people come out of their poor financial status and improve the credit scores and it was because of this that the basic bank accounts emerged. These are also known as introductory accounts and starter accounts. The accounts are in fact very simple and help the account holder to accumulate some credit and come out of the debt trap.

These kinds are accounts are in fact open for all. It is only those who have been rejected previously as undercharged bankrupts and have a negative history of serious bad debt or fraud are generally not allowed to open basic bank accounts. There are a number of benefits associated with the use of the associated bank accounts and these are as follows:

  • The accounts help you to arrange for direct debits to make payments of your bills. This is one of the best ways you can save your money. There are a number of companies offering discounts when you make this kind of regular payments.
  • The governments of the states also have taken up steps for offering pensions and benefits to the direct bank accounts rather than following the traditional methods of paying benefits over Post Office counter. You can this way receive money in the basic bank accounts.
  • When it comes to improving the credit rating this is considered to be the stepping stone. The account holder in the near future can also benefit from the other kinds of services such as credit cards, debit cards and the overdrafts.

The basic bank accounts have been extremely popular and till date according to the data finding a total of 5 million accounts have been opened. Both the banking institutions as well as the government are keen on increasing the total numbers.

Not everyone can get a bank account as banks conduct a credit search and can accept you based on your credit history and their ability to sell you additional products. Here are a list of bad credit bank accounts that are available no matter if you suffer from bad credit or bankrupt.

Bad Credit Banking Accounts with Free Cash Card

A bad credit bank account which gives you the flexibility that you need with no credit checks and offers guaranteed acceptance, your bad credit bank account is an online account and can be used via telephone banking. You can have your wages paid directly in to your account with the added value of getting your funds when and where you need them, you are also given a prepaid MasterCard where you can use online, or at over 28 million retail outlets or at your local ATM machine.

How worth while

  • Good for people that can not get a bank account, or suffer from bad credit
  • Have been turned down on a credit card application due to credit rating or bad credit.
  • New to the country and need an instant bank account to have wages paid in,
  • People that have problems managing money – as you can only spend what you have on the card.
  • Want the convenience of a credit card but not the interest charges
  • Want to use a card online but not linked to their bank account
  • Want to share money with family or love ones but to control spending limits

Want an bank account with no credit checks?

Consider a bad credit bank account there are no credit checks so as long as you pay the application fee the pre paid bank account will be opened. There will be a monthly subscription fee to manage your bank account. You can also access money from UK Atm’s.

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