Bank of Scotland – Basic Account; Clydesdale Bank - Readycash; Please note that if you are on a short course (six months or less) you may not be able to open a bank account or may find it difficult to do so. The limitations of these cards mean people can't get into debt using it - but also can't spread large payments to cover a big purchase or emergency spending, as they could with a credit card. Unfortunately, though, the alternatives to basic bank accounts have their own pitfalls: there are often fees or restrictions on getting hold of our money, for example. They won't check your credit score, they often say they'll make an instant decision, and they've usually got a 100% approval rate. Basic bank accounts, often called cash accounts, are the closest thing to a standard bank account available to those with poor credit. The risk of a frozen bank account is reduced by opening a new basic bank account at a bank you owe no money. If someone is rejected by a bank for a current account, things can seem dire. Prepaid cards offer holders the flexibility of a debit card and can even help improve a damaged credit rating, but come with a few safeguards - and drawbacks. Technical queries about the Internet Banking service 0345 602 0000 Vodafone Business broadband: is it any good? I got declined, but offered the Basic account and now I'm all set up with them. This might be because you’re bankrupt, in financial difficulty, or if we’re not able to obtain information about your credit history. Fee-free basic bank accounts are designed for people who don’t have a bank account or don’t qualify for a standard current account. Banks aren't super keen on their customers opening basic accounts - they can't make money from them - but the UK government is firm on keeping the biggest nine banks in check on this issue. I am able to obtain cash from any ATM. A frozen bank account could leave you temporarily unable to pay essential household bills and expenses. @ emily linford. We use cookies on this website. Email: Info; Loans; DPS; Cards; Accounts; Services; Name. Yet basic bank accounts could help them get into the banking system – these accounts come with a debit card and the ability to set up direct debits to pay bills, and usually only need basic ID … Basic accounts are also a way for people in bad financial shape to repair their credit score safely. © {{ year }} Choose Ltd. All rights reserved. It may have been difficult in the past, but most major providers now accept people with an undischarged bankruptcy (a bankruptcy still in process), although they may require additional checks. With no overdraft and no monthly fees. Registered number: 05628680. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. And I have multiple defaults going back a few years. You can arrange to have wages, State Pension and benefits or tax credits paid into one. Online/Phone and Tablet /Mobile Banking Transfers With 365 Online/Phone, Tablet and Mobile Banking you can do credit transfers to another account simply. • A basic bank account is considered open if a decision has been taken to close the account, but the account has not yet been closed. Many basic accounts won't let customers apply directly. To qualify, each calendar month simply pay at least £1,000 into your account, stay in credit (above £0) during the monthly billing period, and pay at least two different Direct Debits from your account. • A basic bank account is considered open even if no transactions have taken place on the account. Dishonesty isn't going to make an applicant look like a better bet! Basic bank accounts are the most popular option for good reason. Which are the best student bank accounts? You sound really sweet. Be open with the bank about any financial issues, as this will ensure a quicker and cleaner application process. Government figures show that the nine providers obliged by law to offer basic accounts (see below) had 7.4million open in June 2018. Description. You can also arrange to pay your regular bills by Direct Debit. We often link to other websites, but we can't be responsible for their content. Opening a bank account in Scotland will be more or less easy depending on whether you’ve been in the country for more than 3 months or less.This will also determine whether you can have a basic or current account You’ll also find here which leading banks in Edinburgh make it easy for you to open a bank account even if you've just arrived. Standard account holders to get cash from any ATM your trustee might be able to cash... Hsbc bank account will vary slightly the Royal bank of Scotland: Foundation: 61 % 18! Credit reference agency prepaid cards you can do credit Transfers to another account simply account in.! A new basic bank account customers can now access ATMs belonging to other banks and building societies unusual example the! Uk personal current account and get the details of your old bank account how to for. Person to person keeping money safe, as well as properly organising and... 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