Bank Account Articles

Basic Bank Accounts could be the answer if you have had credit problems and need a new account.

If you have had a credit problem, either in the past or present, opening a bank account could be a problem, especially if you owe a bank money from an unpaid bank loan, overdraft or other credit facility like a credit card.

Even by applying elsewhere with another bank may not work as they will soon discover what has happened as they will almost certainly perform a credit check on you meaning they will see who you owe money to and exactly how much, meaning they will decline you with often no reason.

There is however some light at the end of the tunnel if this has happened to you, as you can still apply to one of the large high street banks, however you will need to be very particular about what type of account you ask for, as they will automatically put you down for a regular high street account which you will know you will be declined for.

So what should you do?

Well EVERY high street bank will offer a 'Basic' bank account but more often than not they will not necessarily advertise them, so if you have had any problems, when you approach the branch make sure you specifically ask for one of their 'Basic' bank accounts, that way you can be almost sure that you will be allowed to open a new account.

These basic accounts are fast becoming very popular with those who have had some form of credit problems however you may want to be aware that these accounts do often come with some restrictions, meaning you may not get a cheque book, debit card or any overdraft facilities at all - plus some of these banks can insist that you only use the actual brach where you opened the account, which can severely restrict you.

Having said that if you cannot open an account anywhere else and this is your only option, then it might be best to get this account up and running before looking elsewhere, as even with the most basic facilities you will still be able to accept money in (e.g. your wages or salary) direct from another account, so if your employer will only pay their wages over the Internet, at least you know you can get paid.

One other thing to remember is this - if you open a basic account and demonstrate to the bank that you can run your account in a reasonable manner for say 6 months, then there will be every chance they may allow you to 'upgrade' to their normal banking services.

So opening a basic bank account will certainly help if you need an account to get paid or receive your wages, however the facilities normally available to 'normal' account holders might be restricted at least until you have proven you can run your account in a suitable manner.

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