Basic bank accounts offer a convenient place to keep money you need for everyday use. Basic bank accounts from the high-street providers aren't the only option if you're concerned about passing a credit check or don't want a standard current account. Virgin, Santander and others also have basic account options. RBS's Foundation account, for example, requires applicants to first apply for a Select account - a fairly no-frills account, but with an overdraft facility (i.e. Smaller banks' offerings are likely to differ more dramatically. Opening a basic bank account typically requires two bits of paperwork: one official form of identification and another proof of address. Open a Barclays Basic Current Account and get the no-frills benefits of online, in branch and phone banking. Most people who choose a basic account have poor credit score, which stops them from getting a standard current account. What are your rights when buying second hand goods? Registered number: 05628680. I work as a money mentor for a charity organisation and needed to know which banks would have the best facilities while keeping the "frills" to a minimum. You can also pay in cheques or cash free of charge, and set up 'direct debits' which pay regular bills automatically from your account. Those living abroad will almost certainly hold a local bank account, and they have a legal right to a basic bank account in the EU country they live in, meaning a UK bank … We use cookies on this website. Here is a quick guide to the many ways to bank with us. Choose Ltd is authorised and regulated by the Financial Conduct Authority (reference number 729184). The cash left when the essentials are paid is available to spend using a debit card, or, in some cases, a prepaid card. Others (including Co-op) will only allow any basic (Cashminder) account application via post. If any information isn't easily available online, calling or going in-branch should get the details needed. 1. Banking: Opening a bank account in Scotland . Our Bank of Scotland Basic Account may be available if you don’t meet the conditions for one of our other current accounts. How is business broadband different to home broadband? Not only that, but poor credit history can make it hard to obtain one of the simplest and most vital financial tools: a bank account. 0345 721 3141 Open 7 am - 11 pm, seven days a week If you have a hearing or speech impairment, you can contact us using Text Relay or Textphone on 0345 600 9644 (lines are open 9am to 5.30pm, seven days a week). Vodafone Business broadband: is it any good? Me and my partner have a Nationwide Cash Card account and can withdraw up to £500 each a day from any ATM as well as Post Offices. Access to a bank account is vital for any adult living and working in the UK - but credit checks can mean that people are left without access to current accounts. This can only be used to withdraw cash from ATMs or in-branch. Bless. Vantage can also be added to existing Bank of Scotland Silver, Gold and Premier accounts. They won't check your credit score, they often say they'll make an instant decision, and they've usually got a 100% approval rate. Each basic account offered by the big nine, although obliged to have the same core concept, will vary slightly. Don't be alarmed if the bank or building society refer the application to a credit reference agency. A few still have restrictions on cash machine use though. This could help avoid any fees or other complications. Instead, they say that applicants have to try for other accounts and, if they don't qualify, the bank will let them know that a basic account is available. Unfortunately, though, the alternatives to basic bank accounts have their own pitfalls: there are often fees or restrictions on getting hold of our money, for example. Basic Cash Account is a straightforward easy to use account and is available to personal customers who are over 16 years of age. Lloyds Bank: Basic Account: 18: Everyday Offers available (e.g. Basic accounts are also a way for people in bad financial shape to repair their credit score safely. But is it worth the money? Lloyds, Halifax and Bank of Scotland – which between them provide almost half of the UK's eight million basic bank accounts – have become the latest banks to prevent customers paying on their card at many unmanned self-service pumps. If you have an overdraft or other debts on your current account and you open a basic bank account at the same bank, they may use the money in your new account to pay off the debts in your old one. Technical queries about the Internet Banking service 0345 602 0000 - HSBC - Basic Bank Account - Nationwide - FlexBasic - Co-operative Bank - Cashminder - Lloyds Banking Group (including Halifax and Bank of Scotland brands) - Basic Account Credit Unions were primarily set up to offer easier ways for members of communities to save and borrow (including as an alternative to payday lenders). 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 s 3,000,000 Number of basic bank accounts open on 30 June 2020 The Royal Bank of Scotland Basic Foundation Bank Account. That led to unnecessary financial exclusion. What 's needed from a bank that Offers cash accounts, are the thing... Benefits or tax credits paid into one is currently only available in our guide to,... ( reference number 843466 bank of scotland basic account for basic accounts head to our main bank account typically requires bits. 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