Comparison on different types of basic bank accounts

Published on 15 July 2012 by Raffick Marday

Comparison on different types of basic bank accounts

With so many basic bank account to choose from which would be the best one for you to open and what will it really cost me?

Bank name and name for the account Minimum age to open an account Minimum amount to open an account Free buffer zone Direct debits and standing orders Charge for unpaid direct debit Charge for unpaid standing order Debit card (Solo, Electron or Maestro) If any of the following apply, the application may be declined
Abbey: Basic Account 16 None No Yes £35 £35 No Undischarged bankrupt, record of fraud
Alliance & Leicester: Basic Cash Account 16 None No Direct debits only £25 No standing orders No Undischarged bankrupt
Bank of Ireland Basic Cash Account (Northern Ireland) 16 None No Yes £38 £38 No Undischarged bankrupt record of fraud
Bank of Scotland: Easycash 16 None £10 Yes £15 £15 Yes Undischarged bankrupt, record of fraud
Barclays: Cash Card Account 18 None Yes No £15 £15 No Record of fraud
Clydesdale :Readycash 16 None No Yes £35 £35 Yes Undischarged bankrupt, record of fraud
Co-operative Bank: Cashminder 16 None No Yes £19.50 £19.50 Yes Record of fraud
First Trust Bank Basic Bank Account 16 None £10 Direct debits only £38 No standing orders No Undischarged bankrupt, record of fraud, record of bad debts
Halifax: Easycash 16 None £10 Yes £15 £15 Yes Undischarged bankrupt, record of fraud
HSBC: Basic Bank Account 18 None £10 Yes No No No Undischarged bankrupt, record of fraud
Lloyds TSB: Cash Account 18 None £10 Yes £20 (max3 per day) £20 (max 3 per day) No Undischarged bankrupt, record of fraud
Nationwide Building Society: Flex Cash Card 16 £1 No Yes £30 £30 No Undischarged bankrupt, record of fraud
NatWest: Step Account 16 None No Yes £38108 £38108 Yes Undischarged bankrupt, record of fraud
Northern Bank: 14 None £10 Yes No No No Undischarged bankrupt, record of fraud, record of bad debts
The Royal Bank Scotland: Key Account 16 None No Yes £38108 £38108 No Undischarged bankrupt, of record of fraud
Ulster Bank: Step 16 None No Yes £30 £30 No Undischarged bankrupt, Account record of fraud
Yorkshire Bank: 16 None No Yes £35 £35 Yes Ready cash Undischarged bankrupt, record of fraud

Source: British Bankers Association, January 2008

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