Current Accounts

Basic or Introductory Bank Accounts are offered by most of the largest banks and building societies and are a potential good option for Basic Bank Accounts those with no credit history or those who have never had a bank account before.

A Basic Bank Account will give you a range of services, be sure to check with your bank or building society as to what their Basic Bank Account comes with.

Most Basic Bank Accounts WILL come with:

  • Debit card
  • Credit card
  • Cheque book
  • Direct debit and standing order facility
  • Overdraft
  • Interest paid on money in the account, usually at a low rate
  • Phone and/or internet banking
  • BACS eletronic transfers

Most Basic Bank Accounts will NOT come with:

  • High rate of interest on money in the account

You can use most Basic Bank Accounts to:

  • Have wages, bonuses, invoices, VAT, corporate tax paid directly out of the account
  • Pay in cash
  • Pay in cheques
  • Withdraw money from cash machines
  • Withdraw money from your bank or building society branches
  • Withdraw money from the Post Office®
  • Withdraw money from some shops

See the links above for more detailed information on the variety of bank accounts available and see our bank directory to find out what types of accounts your local bank offers.
 

Always be sure you fully understand what is and is not included, the costs, restrictions and exactly who is offering it before signing up for a bank account or any financial product. For more information see the Financial Services Authority Consumer Information website http://www.fsa.gov.uk/consumerinformation.

None of the information contained in this website constitutes, nor should be construed as Financial Advice.


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