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Basic Bank Account

How it works

It's easy to compare, simply follow the steps below, click on the links to find out more or apply for a basic bank account. Remember to check for any costs and fees, as well as the terms and conditions before you open a basic bank account.

Decide if it's right for you

A basic account might not have all the extras you would get from a current account, such as an overdraft, rewards and discounts. So you may want to check if there are other, more suitable alternatives first.

Compare basic bank accounts

Use the up and down arrows on our bank account comparison table to switch or toggle between highest and lowest options.

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Once you have an account that suits your needs, click on the provider's site for more information or to open a basic bank account.

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If you have questions you can check the FAQs or talk to them online, in person or on the phone. Be sure to check the costs and fees as well as the banks terms before you open a basic bank account.

What is a basic bank account?

A basic bank account is similar to a current account, as it is a place to receive and pay out money and is designed specifically for people with poor credit. Most banks will give you a debit card to allow you to make payments online and in shops and restaurants, as well as the ability to have wages and other income paid in and to set up direct debits to make it easy to pay monthly bills. However, there are no lending facilities available, so you cannot have an overdraft.

Is a basic bank account right for me?
If you have bad credit, CCJs defaults, have been declared bankrupt in the past year, no credit history or new to the UK; a basic account may be the right option for you until you get on your feet financially. However, you may find a basic bank account restrictive in comparison with a regular current account, so it might be worth checking all you options.

What should I look for when choosing a basic bank account?
It’s a good idea to check if the basic bank account comes with a debit card that allows you to withdraw cash from ATMs and make payments in shops and restaurants. Also, find out if there are any limits, for example daily cash machine withdrawal limits.

How much does a basic bank account cost?
There are no costs to open a basic bank account. Additionally, there are banking requirements in place to ensure that the most financially vulnerable adults can have a bank account without the usual everyday costs of a regular bank account. However, there may still be fees involved with having a basic bank account, for example foreign exchange usage, using your debit card abroad, some payments and transfers such as same-day CHAPS payments.

What alternatives are there to basic bank accounts?
There are other options available to people with bad credit. However, unlike basic bank accounts, these options often come with fees or restrictions. Alternatives include credit unions, Post Office card accounts, fee-paying accounts and prepaid cards. It is a good idea to always do your research before you apply for a basic bank account and check for alternatives that maybe available to you.

Are there advantages to a basic bank account? -

For someone with a poor credit rating, a basic account can help them conduct most of their day to day banking needs when they would usually be turned down for a standard current account. They can also help people who find it challenging to manage their money, basic bank accounts offer no credit facilities or overdraft.

What are the disadvantages of a basic bank account? +

As basic bank accounts have fewer features than a current account and don't offer credit facilities, they can be slightly limiting if you have been used to accessing an overdraft facility, for example. Apart from an overdraft, you won't be offered a chequebook, credit card, or benefits such as cashback, rewards and interest. Later, once you have a better credit rating or an established credit history, you may be able to change your account and have these additional offers.

I have really bad credit and have been bankrupt — can I still get a basic bank account? +

You may still be able to get a basic bank account, it depends on the bank's policies and your situation. If you are unable to get a basic bank account, other alternatives may be available for you to access, such as prepaid card accounts, Post Office card accounts, guaranteed bank accounts (these require you to pay fees), or even managed accounts, where someone else handles the day to day money going into and out of the account.

Why might a bank refuse to open a basic bank account for me? +

This will be down to the bank and its policies. You may be reused if you don't meet their basic criteria, for example you don’t have the residency status required, or you are under age. You can also be refused if a bank is unable to verify your identity or address (you will likely be asked for proof of ID or proof of address). A bank may also refuse to offer you a basic account if you could get another type of account.

Basic Bank Accounts FAQs