Our guide to basic bank accounts

Our guide to basic bank accounts

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.

Most banks will require proof of address along with at least one form of personal ID.

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.

Find a basic bank account

Looking for a simple bank account? Have a look at the Choose Wisely comparison table to get a great deal.