Bank Account Articles

Why should I pay to open a Guaranteed
Bank Account?

Why should I pay a fee to open a guaranteed bank account?

Sometimes opening a regular high street bank account can prove to be very difficult, especially if you have had either problems with your credit file or other problems that could effect your bank account application.

Almost every high street bank will not make a charge for opening a bank account with them and whilst there are some bank accounts which come with charges, the majority of those are done so as they offer extra benefits, like travel insurance, purchase insurance and other similar type insurances.

Many high street banks still offer bank accounts with no ongoing charges so can be an ideal choice for those looking for a ‘regular’ high street bank account.

The problem is that as the banks make very little and often no money out of these bank accounts, they tend to be very selective with whom they allow in, so generally speaking anyone with any sort of credit issues are normally refused and often with no explanation.

So how is then that an FSA regulated company can offer the services of opening a high street bank and charge for it?

Well put simply there could be two things which could justify that 1. That they have a much more personal relationship with the various banks due to the volume of business they introduce to them and due to that are able to ensure your application is processed favourably and 2. Knowledge is power and by knowing exactly how to complete the application form and avoiding the pit-falls whilst ensuring you are telling the truth makes it worth your while engaging these companies to open you a bank account.

There are other options like Basic bank accounts or Managed bank accounts but with these you will either be very restricted on the capabilities of that bank account or with the managed bank account you will be charged a monthly fee.

So often the choice is simple, either apply for a very basic bank account but be restricted on what you can have & do, open a managed bank account and pay the monthly fee every month or find the cost of opening a guaranteed bank account and save the ongoing monthly fee.

What you choose will depend on your individual circumstances and what you really need in a bank account, but the choices are there and readily available, all you need to do is decide which one you need or want.

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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.

BUSINESS BANK ACCOUNTS
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PLEASE NOTE: With a GUARANTEED Bank Account you are under no obligations at any time to complete the application process and there are no contracts, so you can CANCEL AT ANY TIME with no penalty.

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