Compare Basic Bank Accounts

If you have bad credit or having trouble setting up a bank account, a Basic Bank Account could be exactly what you need, compare different accounts below.

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Benefits of a Basic Bank Account

Basic bank accounts are a relatively new banking option that was made available by the government for people who have bad credit or have refused a standard current account.

The creation of the basic bank account came so that anyone will be able to store there money and set up a direct debit from that account to make sure they can pay bills and other items. Being able to pay by direct debit will allow people to get better deals from there utilities provider so getting a basic bank account can save you the money in the long term.

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Negatives of a Basic Bank Account

A basic bank account has some limitations because it is what it says on the tin, basic. Whilst you are able to pay direct debits you will not be able to benefit from features you would receive with a standard current account such as an overdraft and interest rates. Some of the providers who offer a basic bank account also may charge a small monthly fee for the service so be aware of these charges when signing up for a basic bank account.

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