What are basic bank accounts?

Published on 17 July 2012 by Raffick Marday

What are basic bank accounts?

Basic bank accounts are generally those accounts that possess the basic features of Current Accounts. You can withdraw cash both at the counter and via cash machines.

If you are unable to open a current account because of your poor credit history then you can easily switch to a basic bank account. All the major banks operate these and most allow you to use the Post Office in order to get your cash.

Services of Basic Bank Accounts-

  • Cost-free automated transactions
  • Provision of cash cards to use at cash machines
  • Phone Banking

Why to open a Basic Bank Account?

Having a basic bank account is very essential as handling of transactions will be easier and convenient. You will be able to receive payments of state benefits. Basic Bank Accounts help you to claim Local Housing Allowance and similar other allowances.

Six good reasons to open a basic bank account:

  • BACS payments are fast and secure
  • Money available to you on the day it arrives in your bank account
  • It costs you less than producing a cheque
  • You still receive money without delays even if there is a postal delay
  • You can have access to your money 24 hours a day and 7 days a week
  • You do not have to wait for your cheque to go in the clearing

Therefore, y6u can avail the above benefits even when you can not open a current account. But, if you cannot avail your benefits then you can give your permit for someone you truly trust to do the job for you. For this, you can speak to your bank for more details.

Still more queries on basic bank accounts? You can check out compareprepaid.co.uk


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