Banking
Basic Bank Accounts
It is believed that 1 in 12 households have no access to a bank account.
Have you...
- Ever been turned down when applying for a current account?
- Thought you wouldn't be eligible due to a poor credit/banking history?
- Thought that due to a limited income or being in receipt of benefits the banks wouldn't offer you a current account?
There are options open to you.
A new Government supported cash savings scheme, called Saving Gateway, starts in July 2010. The Government will give you 50p for every pound saved in a Saving Gateway account. You can find more information on this by clicking here or see our link to the left.
The high street banks not only offer current accounts but also basic accounts. You can find some information about Basic Bank Accounts below or by clicking here.
Another option you could consider is a Coastal Credit Union Account. Please click here to find more information about the Coastal Credit Union and what they can offer you.
Basic Bank Accounts
For those people who have been out of banking practice for some time, or have never held a bank account, the basic account can be seen as the first step into banking services.
What a Basic Bank Account (this is general and may vary | What a Basic Bank Account doesn't offer (this is general and may vary from bank to bank) |
Incoming payments Wages, | No Overdraft facility |
Managing the account by | No Visa Debit Card |
To set up Direct Debits | No Credit Card |
To set up Standing Orders | No Cheque Book |
The use of a cash card to | No Guarantee Card |
For more information please visit the FSA's 'Just the facts about basic bank accounts' web page opposite.