Bank Account Articles

Basic Accounts with Bank Credit Rating.

Anyone with a Bad Credit Rating will know how difficult it can be to open a new Bank Account, however there are some special accounts now available, meaning you can open a new account and assuming you pass the identity checks, will get your sort code and account number almost immediately.

These basic accounts are offered on a no-credit basis meaning you can open a basic account without the need of a credit check, so any bad credit will not work against you during the application process.

So can I get a Basic Account with Bad Credit Rating?

In short YES, you can open a new account no matter how poor your credit rating is and whilst the basic account is the general description of an account, it does offer nearly all the facilities a 'normal' high street account offers but without a cheque book or any credit facilities.

The main difference between these accounts and high street acocunts are as follows:

1. No Overdraft facility - there is NO CHANCE of going overdrawn as there are no credit facilities
2. No Cheque Books - These are fast becoming a thing of the past anyway, but a basic account will often NOT come with a cheque book.
3. High Street Branches - These accounts are generally offered on an online basis only, so you will not have a local branch or office to go to, most things are done online or via the telephone, however they all have excellent customer service lines to help you in any situation.

So how come you can open one of these basic accounts with bad credit rating?

As previously mentioned there are no credit facilities, so you can only spend what you have in your accounts, so the need to check your credit status and see if you have bad credit is simply not necessary.

You are not a credit risk to these banks as you will not be extended any credit.

So only proof of your identity is required, which for over 85% of our applications is done automatically, for the remaining 15% we will need to see a proof of address as well as a copy of your passport, driving license or similar identification.

Whilst there will be a cost involved in running one of these basic accounts there are 100% NO PENALTY CHARGES which you may find with more regular high street accounts - if there is insufficient funds in your account, the payment will simply not get paid so you will not get penalised for going overdrawn (like most banks would prefer)

No Nasty Surprises - Generally with a these basic accounts for bad credit there will be no nasty surprises or charges, just a single monthly payment of around £12.50 - £15.00 a month, so which you get to the use of the following features:

Managed Bank Account - helps save what you need & spend only what you have
Sort Code & Account Number - Pay money direct in to your account
Debit Card - Spend only what you have in your account
Internet Banking
UK Customer Care call centre
SMS messaging and banking service
NO CONTRACTS - Cancel at any time with No Penalty

So you do have options for basic accounts with bad credit as these are available for anyone who have been declined or refused by a high street bank because they have a bad credit rating.

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  • Internet Banking, Standing Orders/DDs
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Basic Accounts with bad credit for those who need a basic bank account in the UK

 

Basic Accounts with Bad Credit - Apply on-line by Clicking Here