|
If you are looking for a simple bank account where you do not want a cheque book or do not want to get overdrawn but still want wages, tax credits or benefits or a pension to be paid into an account a basic bank account is ideal.
A basic bank account will quite simply allow you to manage your money a lot more simply and helping with bill paying, paying money in or getting cash out. A basic bank account does not normally allow you to overdraw more than £10 else you will be charged.
It is suitable for those who have problems opening a current account due to existing bad credit so cannot open a current account. It is also suitable for those individuals looking to stay in credit.
A basic account will still offer the following services but do vary from bank to bank:
• A card to get cash from a cash machine
• A way to pay bills via Direct Debit or Standing Order
• A debit card e.g. Electron or Solo card
Banks have varying names for their basic accounts but below is a summary of the name of the main types of basic account for individual banks.
|
Bank
|
Account Name
|
|
Abbey National
|
Basic current account
|
|
Alliance and Leicester
|
Basic bank account
|
|
Bank of Ireland
|
Basic cash account
|
|
Bank of Scotland
|
Easycash
|
|
Barclays
|
Cash card account
|
|
Clydesdale
|
Cashmaster
|
|
Co-operative Bank
|
Cashminder
|
|
First Trust Bank
|
Basic bank account
|
|
Halifax
|
Easycash
|
|
HSBC
|
Basic bank account
|
|
Lloyds TSB
|
Basic bank account
|
|
Nationwide Building Society
|
Flex account cash card
|
|
Natwest
|
Step account
|
|
Northern Rock
|
Cash master basic
|
|
RBS
|
Key account
|
|
Ulster Bank
|
Basic bank account
|
|
Woolwich
|
Instant cash account
|
|
Yorkshire Bank
|
Readycash
|
|
Post Office
|
Post office Card Account
|
|
