Basic bank accounts

Basic bank accounts are a great first step for people learning -- or re-learning -- to manage their own money. If you have trouble getting an ordinary current account, a basic bank account could be your best option.

How basic bank accounts work

Basic bank accounts work like a normal current account in that you can have any wages, tax credits or benefits paid in directly. You can also get a debit card to withdraw and deposit money, and you should be able to set up direct debits or standing orders to pay bills.

Unlike normal current accounts, basic bank accounts do not offer cheques or overdrafts. This prevents the account holder from spending money that isn’t theirs, so there is no borrowing associated with the account. The only exception is with penalty charges: if you bounce a cheque or a direct debit, you will be charged by the bank, which could take your account into the red.

Basic bank accounts and bankruptees

Because they are essentially non-borrowing accounts, basic bank accounts are perfect for people who have just gone bankrupt. Unfortunately, only a handful of banks still offer accounts to bankruptees.

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Some important information about this page

† Denotes a tiered rate.

Current accounts data provided by Moneyfacts, an independent third party.

We are normally made aware of changes to rates and products, but very occasionally changes may occur without our being notified. If you spot any mistakes or inaccuracies on our site, please contact us.

Please note that the services and products featured are those made available from advertisers and may not necessarily be the best offers on the market. For more information, please see our Current accounts advertising disclosure.

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