The most important thing you can do with a bank account is to make and receive payments, e.g. wages in, Direct Debits out. A basic bank account will let you do this. It is an essential tool in getting your finances back into order.
What Is A Basic Bank Account?
A basic bank account is for those who want, or need, a bank account to help manage your money but, for various reasons, aren't able to have a current account.
With a basic bank account you can have money paid into your account, take money out of cash machines in the UK, take money out at the Post Office and pay your bills by Direct Debit.
How To Get One?
The law states that banks and building societies have to identify their new customers to help stop criminal activities such as money laundering.
They will explain which documents they will accept. This will change from one bank/building society to another, although will generally include: Passport, driving licence, letter from government or local council.
Different Type Of Basic Bank Account
Each bank/building society has a different name for their basic bank account, and many have different features. Make sure you ask specifically for the account you require.
| Bank of Ireland | Basic Cash Account |
| Bank of Scotland | EasyCash |
| Barclays | Cash Card Account |
| Clydesdale | ReadyCash |
| Co-Operative Bank | CashMinder |
| First Trust Bank | Basic Bank Account |
| Halifax | EasyCash |
| HSBC | Basic Bank Account |
| Lloyds TSB | Cash Account |
| Nationwide Building Society | Flex Cash Card |
| NatWest | Step Account |
| Northern Bank | Northern Personal Access |
| Santander | Basic Current Account |
| The Royal Bank of Scotland | Key Account |
| Ulster Bank | Step Account |
| Yorkshire Bank | ReadyCash |
All allow Direct Debits, and all except First Trust Bank allow standing orders.
Barclays and Co-Operative allow people with undischarged bankruptcy.
This information was correct at time of publishing, always check with your bank or building society.
Co-Op CashMinder Account
Whilst you should check the account you pick is the right one for you, we highly recommend the Co-Op CashMinder basic bank account. Creating the account is extremely simple, although you can't set up the account online, simply call 0845 602 7057, or visit your local branch, and they'll guide you through the process.
The Co-Op CashMinder account offers secure online banking, UK call centres, a debit card, standing order and Direct Debit facilities, you can open it with just £1, there is no monthly subscription charge and they allow people with undischarged bankruptcies to hold an account. However, you don't get a cheque book or overdraft facility.
Visit www.Co-OperativeBank.co.uk for more information.
What To Look For
Can you use cash machines near you? - ask the bank or building society if you aren't sure.
Is there a branch near you?
Can you pay money in or get money out of the Post Office?
Will you get what you need, such as a debit card, Direct Debits and standing orders?
Useful Links
Financial Services Authority - www.FSA.gov.uk/BankingRights
Financial Ombudsman - www.Financial-Ombudsman.org.uk
Post Office - www.PostOffice.co.uk
British Banker's Association - www.BBA.org.uk
