Bank Account Articles

Open a Bank Account with Bad Credit History.

Those people who have a bad credit history will know too well how difficult it is to successfully apply for any financial product but they may not be aware that any form of bad credit history could also have an impact on a bank account application, even if the new bank account is a basic bank account and has no credit facilities.

The main reason for this is that a bank account is not just somewhere for you to keep your money: it`s also a way of keeping your money safe with the chance of earning some interest as well as a convenient way of spending it as and when you need to by using your debit card or making Internet payments. The problem is though, that if you have had a bad credit history you will almost certainly be declined or refused a new bank account as once they perform a credit check your past bad credit problems will be highlighted and will probably mean your bank account application will be rejected.


There is, however, help available even for those with a bad credit history as there are now bank accounts available that will no longer check your credit history meaning any past bad credit problems will not have an adverse effect on your bank account application.


So are there Bank Accounts available if I do have a bad credit history?


If you have been declined or rejected for a regular high street bank account because of your past bad credit history you might think you have no options available however there are still some options for a bank account open to you. Some high street providers may offer a basic bank which allows you to pay money in and take money out, so whilst it will fulfill a purpose it will not offer the full functionality you may require like making regular payments or using a debit card. There is a new breed of bank accounts available and they are specifically targeted for those with a bad credit rating and guarantee no credit checks meaning no matter how bad your credit history is you will still be approved as long as you can be identified and are a UK resident.


A bank account for bad credit history, is there a cost?
Generally there will be a modest monthly administration fee if you have a bad credit history and need a proper bank account although you will receive all the services of a normal high street bank without any of the penalty charges normally incurred if you miss a payment or go overdrawn. As there are no credit facilities it is impossible for you to go overdrawn without knowing unlike many of the high street bank accounts so you will never be charged should you miss a payment. Many banks will charge every time a payment is missed however with a managed bank account you will not have any penalty charges, meaning your monthly fee will be the same every month with no hidden extra penalty charge surprises.


So whilst having a bad credit history will almost certainly mean you will be declined or refused for a regular high street bank account there are still options out there for you and whilst they do charge a modest monthly fee, you will not have any penalty charges and will be able to have full access to a proper bank account as well as the use of a linked MasterCard which like a debit card gives you full access like any other piece of plastic.

Don't be put of applying for a bank account even if you have a bad credit history as there are plenty of other options available even if you have been declined or refused a high street bank account.

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