What You Need To Know About Basic Bank Accounts

We all know that if we have a poor credit rating we will definitely struggle to secure ourselves a credit card(especially in today’s economic climate). What a lot of people don’t realise is that if you have missed payments, or even have just moved around a lot, then you may also find it tough to get a bank to let you open an account.

There is a quick and easy alternative solution for this matter. It comes in the form of a basic bank account. If you haven’t committed fraud, have a clear proof form of identity like a driving licence or passport then most banks will provide you with options for basic bank accounts.

So what exactly is a basic bank account?

Well it is exactly what it says on the tin – so to speak. It is a limited account which gives you the functionality to manage your money on a day to day basis, and it will offer you an ATM card to withdraw money as you need. Some banks may offer you a debit card instead of the usual ATM card so that you can make some purchases in both physical shops and online. Please keep in mind though that you won’t be offered any sort of overdraft limit when you are using a basic bank account.

When you are deciding which financial institution to do business with you must compare bank accounts quickly so that you get a feel for which one could be right for you in the long term.

What are the benefits of having such a basic account?

Well first of all your money will be in safe hands from the moment you deposit it. You can use your ATM or debit card to pay for goods online and in person. Any salary you make can be paid directly into this account along with any other pensions or benefits. You can arrange to have bills paid and the money directly taken out of your account at a certain time using their online banking service(if they provide one). All of these benefits and features will save the customer loads of time and create a stress free financial situation.

Also have some peace of mind knowing that you will not be able to go in arrears since there is no overdraft limit on a basic account.

Most people will be able to locate a bank that will provide them with the facility of having a basic account despite any of their circumstances.




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