When you might be refused a fee-free basic bank account They might refuse to open a new basic bank account if: you can't provide proof of ID or address. you could get another account, for example a standard current account. you refuse a credit check although you don't have to pass one.
Can anyone get a basic bank account?
Not everyone can open a fee-free basic bank account. Your bank or building society will want to check you qualify before they accept your request. They might refuse to open a new basic bank account if: you can't provide proof of ID or address.
What are the disadvantages of a basic bank account?
The main disadvantage of a basic bank account is the lack of facilities - you won't get a cheque book, some accounts don't give you a debit card, just a cash card, and you won't be able to get an overdraft or set up standing orders.
Why am I being refused a basic bank account?
They might refuse to open a new basic bank account if: you can't provide proof of ID or address. you could get another account, for example a standard current account. you refuse a credit check although you don't have to pass one.
Who is a basic account suitable for?
Basic bank accounts are good for those who have trouble managing their money when access to credit is less limited. Often, basic bank accounts are used by those with bad credit ratings who have been turned down for standard current accounts in the past.
Is easy cash a current account?
This is a very basic UK personal current account from the Halifax (which is a division of the Bank of Scotland). This basic account was previously called the Easycash account which is no longer offered.
Is a Cash Account the same as a current account?
The Cash Account is our simple, basic bank account. It covers all your day-to-day needs, but doesn't provide overdrafts or direct debit payments.
What is the difference between basic and current account?
Unlike regular current accounts, a basic bank account won't offer you an overdraft, which means it isn't a credit product. This means you won't need to pass a credit check to be eligible for an account.12 Feb 2021
Do you get money for switching Halifax?
You could earn £5 or a lifestyle benefit each calendar month if you switch to a Reward Current account or Ultimate Reward Current Account. We'll move all your payments Any payments, Direct Debits, Standing orders and remaining balance will be transferred into your new current account.
Which banks give you money for opening an account UK 2021?
Citibank: cash bonuses of $300, $700 or $1,500 for new checking accounts in eligible account packages with an initial minimum deposit of $15,000, $50,000 or $200,000, respectively, and required activities. Cash bonuses of $20 to $2,000 for new savings accounts with an initial minimum deposit of $10,000 to $1 million.19 Nov 2021