A basic bank account is a bank account which normally offers the functionality of a regular high street bank but without any additional credit facilities like an overdraft.
A basic bank account can also vary in what it offers and to whom it offers it to, as some basic bank accounts will only allow you to pay in over the counter at a high street bank and withdraw cash only, whilst there are now more basic bank accounts offering things such as debit cards, Internet banking, direct debits and many more of the regular facilities ‘normal’ high street banks offer.
As there are no credit facilities with these basic bank accounts they do often come with a monthly cost however that cost is often a lot less than the regular missed payment or overdraft charges added on normal high street bank accounts.
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Basic bank accounts are also often associated with those who have been refused a high street bank or declined a regular high street bank account, including those who have had severe credit problems.
Opening a basic bank account can prove to be quite difficult if you have had a poor credit history or some form of adverse credit, so not all basic bank accounts will be readily available unless you chose a no credit check basic bank account, which often offers a basic bank account regardless of any previous credit history problems.
What should you be looking for in a Basic Bank Account?
Whilst the word Basic Bank Account is widely used, the majority of these bank accounts are not basic and often can offer all the features of a regular high street bank but without any credit facilities, like an overdraft facility.
So despite being a basic bank account you should still be able to pay in and withdraw at a high street bank, have the use of a debit card attached to the bank account, be able to set-up direct bebits or standing orders, be able to speak to someone if you need to and have some form of Internet access which will give you full control over your money.
The old type of basic bank accounts would only allow you to pay in or withdraw over the counter of your local branch, so thankfully now, there are more options available meaning you can enjoy many more features with a modern basic bank account.
How can we help you open a Basic UK Bank Account?
There are various options currently available, however we have teamed up with one provider whom we consider to offer the best available basic bank account which includes all the necessary features required - Click here to Apply for a Basic Bank Account or complete the Application Form below.
PLEASE NOTE: You are under no obligations at any time to complete the application process and there are no contracts, so you can CANCEL AT ANY TIME with no penalty.
NO OBLIGATION - if you would like to speak to an adviser and see if a managed bank account will be suitable for your needs, please complete the short form below and someone will call you back at a convenient time or alternatively call 0845 269 7505 - you are under No Obligation to continue and even if you did proceed, there are no contracts so you can cancel at any time.
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Apply online here or call 0845 269 7507
CardOne Banking Guarantees opening your new bank account, subject to proper Identification and there are NO CONTRACTS meaning you can CANCEL AT ANYTIME without penalty. A Pre-paid MasterCard® Debit Card is also included meaning you can only ever spend what you have and never get charged for being overdrawn or missing a regular payment.
BUSINESS BANK ACCOUNTS
Need a business bank account, then there are options currently available even if you have been declined elsewhere:
Guaranteed High Street Business Bank Accounts - Call 0845 474 2917
Set-up fee -
£225.00 + VAT
In the unlikely event you are unable to get a bank account, you will receive a FULL REFUND.
Basic bank accounts are suitable for those who have had a bad credit rating, an adverse credit rating or who have been refused a bank account or declined for a bank account application. If you have been declined a bank account or been refused a bank account recently we would suggest to apply for one of these bank accounts, however if you consider yourself to have a good credit rating, then we would suggest to apply first to one of the High Street bank account providers here then if you get refused or declined with that bank account application, apply for a managed bank account.
Business Bank Accounts
Need a new Business Bank Account but got a bad credit file or are/have been bankrupt? Call our Business Bank Account specialist now on 0845 269 7289