Bank Account Articles

Is there such a thing as a Guaranteed Bank Account?

There are not many things in life which are guaranteed and a bank account is certainly not one of them, apart from the fact that you may not have to pay if you do get refused.

There are many reasons why someone will get refused a bank account application and whilst the majority of the times it is because of some past credit problems or an adverse credit rating, there are other reasons too which may make you struggle to open a new bank account.

Guaranteed bank accounts are often advertised however in the true sense of the word, there is no such thing as a guaranteed bank account as even if there is not a credit check during the opening process, the applicant will still need to be verified and identified before a bank account can be opened in their name, so whilst they may well pass a certain procedure, their bank account could not be actually guaranteed until they have passed certain identification levels.

There can be some clever wording used when someone uses the words 'Guaranteed Bank Account', like adding guaranteed no credit check bank accounts or guaranteed acceptance bank accounts, again these may well be guaranteed assuming you can identify yourself, however if you are not identified to the level required by the FSA, then your guaranteed bank account will not be guaranteed at all and you could easily find yourself without the use of a new bank account.

Many of the guaranteed bank account are accounts which have recently been introduced into the UK banking market that offers a debit card attached to a banking facility, meaning you can arrange direct debits, standing orders and enjoy Internet access, but with no credit facilities, so there is no chance of going overdrawn, missing a payment or being charged for either.

The upside is that if you are confident that you can be identified either by the electoral role or by other means, then your new bank account will almost certainly be guaranteed but if you from a different country and only been here for a short amount of time, then your bank account may not be guaranteed as it will be very difficult to identify you.

Guaranteed bank account - Widely advertised and many will offer you a new bank account, however be wary of the word guaranteed especially if combined with the other words, Bank & Account.

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A GUARANTEED Bank Account Guarantees opening your new bank account, subject to proper Identification and there are NO CONTRACTS meaning you can CANCEL AT ANYTIME without penalty. A Pre-paid MasterCard® Debit Card is also included meaning you can only ever spend what you have and never get charged for being overdrawn or missing a regular payment.

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