Basic bank accounts
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Basic bank accounts are quite common and most banks offer them They are sometimes called Key Accounts, Cash Account or Step Account for example. This guide provides a summary of the banking facilities which should be offered as standard and also the facilities which will not be included. If the Bank Account you currently have falls into this criteria then you have a Basic Bank Account.
Basic Bank Accounts Explained
Basic bank accounts are usually offered to people who have never had an account in the past or people with poor credit history.
A basic bank account provides:
- Direct Debit Mandates (DDM's)
- Standing Orders (SO's)
- Access and control of your bank account over the phone (telephone banking)
- Online banking(Internet banking)
- express pay in and withdrawal facilities in branch.
- Cash card to withdraw a restricted amount from ATM machines and over the counter at your bank.
- A debit card (eg Solo, Maestro, Electron) may be available after a period of time showing good management of your account.
Note that the exact criteria may vary from bank to bank and products along with their terms and conditions do change over time.
Basic Bank Account Restrictions
Access to basic bank accounts in branches may be restricted as follows:
- Withdrawals may be limited (typically under £300).
- No overdraft facility (although you may be given a small free buffer zone of £10)
- No cheque guarantee card
- No cheque book
- No credit card (although some will offer a Debit Card).
Note that the exact criteria may vary from bank to bank and products along with their terms and conditions do change over time.
Set up requirements
As with any other bank account you will require ID to enable you to set up an account. A basic bank account can usually be set up from age 16 or age 18 for joint bank accounts.
There are many other UK Bank Accounts on the market. For more information read the bank accounts section.
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