Simply a basic account
A basic bank account is exactly what it says on the tin. It's a bank account that offers basic features such as a debit card, internet banking and the ability to set up direct debits and standing orders.
Who is a basic bank account for?
Basic bank accounts are a solution for those either new to banking or with limited credit history. If you have recently moved to the UK and are looking to set up a bank account then comparingbasic bank accounts is a good place to start.
The advantages of a basic bank account
The basic principle of a basic bank accountis similar to that of a standard bank account. You will receive a debit card which can be used to pay for items in the store and withdraw cash from ATMs. Basic bank accounts will also provide a safe place for you to deposit any income you're receiving and set up direct debits to pay any monthly bills. A number of banks also allow you to set up standing orders. Where a basic bank account differs from a standard bank account is that it's unlikely you receive an overdraft or any credit facility. There may also be restrictions on how you can use your account such as the amount you can withdraw and the number of daily transactions that can be made.
Compare your options
Although similar, each basic bank account will have different eligibility criteria and features available. It's crucial that before applying for a basic bank account you compare your options to ensure that you both match the accounts acceptance criteria and find an account that suits your requirements and daily needs. Choose Wisely.
Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.