Bank Account Articles

Opening a Basic Bank Accounts with Bank Credit.

Do you need a new bank account have a Bad Credit History?

Opening a Basic Bank Accounts with bad credit can prove to be very difficult as every one of the high street banks will perform a credit check on you, so if you have had any past problems, then you will almost certainly be declined for a new account.

So are Basic Bank Accounts with bad credit actually available?
Essentially yes, you can open a basic bank account with some bad credit, including past and present problems as there are now special accounts available outside of the normal high street accounts.

Do you need a new basic bank account but have been declined because of your past credit history?

Every high street bank will provide some form of basic bank account however during their opening process they may well perform a credit check on you which will highlight any credit problems you may have had, giving them a perfectly legitimate reason not to allow you a new bank account.

As they don't make any money out of their basic accounts they try very hard to avoid offering them to anyone.

Apply here for Basic Bank Accounts with Bad Credit

So how can you get a new basic bank account if this happens to you?

There are now a variety of options available for those looking for a basic bank account with bad credit including a new concept of Managed Bank Accounts that are generally available to anyone who can identify themselves.

There are no credit checks, meaning they are readily available regardless even with the most severe past or present credit problems, so even someone who is currently bankrupt can open one, which would never happen with a high street bank.

The main reason why there are no credit checks is simply because with these accounts there are no credit facilities, so in reality they do not need to worry about any past credit issues you may have had.

They work on the basis that you get two accounts, one to pay all your regular bills (rent, mortgage, utilities etc) and the other, which is linked to a bank card, holds your disposable income. By separating the money you need to pay out and that which is available for you to spend helps you manage your monthly money allowing you to only spend what money you have.

If there is a downside to these accounts it is that they generally come with a monthly fee of between £12.50 and £19.50, but unlike the high street accounts, you won't be charged for going overdrawn of having a payment bounced from your accounts, which a high street bank would almost certainly do with their charges for these being considerably more.

So in truth, whilst there are charges, they do normally work out considrably cheaper than having a free high street account which may in turn charge you regular penalty charges if you go slightly overdrawn.

So opening one of these basic bank accounts with bad credit is possible, however it may cost you a monthly fee but no penalty charges, and as there are never any contracts, when you can qualify for a free high street account simply cancel and move your account over.

 

Got a Question or wish to Apply?
Apply here for Basic Bank Accounts with Bad Credit
Call 020 3286 3929 or Email us at info@bank-accounts-compared.co.uk

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Basic Bank Accounts with bad credit for those who need a basic bank account in the UK

 

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