Basic bank accounts are the simplest type of bank account. They are designed for people who don’t want an overdraft, or can’t have one. They can be useful if you have a low credit score, need a way to receive benefit payments such as State Pension, tax credits or benefits. You can also have your wages or salary paid in. With a basic bank account you get a cash card which you can use at a bank machine to withdraw cash. Some also offer a 'debit card' that you can pay for items with, and get 'cashback'; but with a basic account these will only work if there's enough money in your account. You don't get a cheque book with a basic bank account, and you can't take out more money than is in the account ('go overdrawn'). For this reason basic bank accounts are useful for anyone worried about overspending. Compare the table below to find the correct account for you.
|Product Name||Setup Cost||Monthly Fee Rate and period||Reload fee||ATM Fee|
You can apply for a basic bank account in branch, by telephone or online. Many people prefer to apply online as it is quicker, safer and secure of doing it. You do not need to make an appointment or spend a long time over the phone.
With most basic accounts, you can: