Bank Accounts For Bad Credit

Bank Accounts for Bad Credit | Cant Get a Bank Account? | Bank Accounts For Bad Credit FAQs | About Us | Contact Us

If you are looking for a place to keep your money safe, but have had your application for a current account turned down, you may want to consider a bank account for bad credit.

A bank account for bad credit - also known as a 'basic bank account' - is a simple account, which could help you improve the way you manage your money. How does a bank account for bad credit work?

Most bank accounts for bad credit give you access to the basic banking facilities you would expect when opening a bank account - for example, you should be able to:

• Have your wages, benefit, pension or tax credits paid into your bank account.


• Pay in cheques for free.


• Withdraw money from cash machines using your cash card (although this is usually free, some cash machines may charge a fee, such as those in small shops, bars and garage forecourts).


• Pay your bills by Direct Debit or (in some cases) standing order.

It is important to note, though, that with a bank account for bad credit, you will not have access to facilities such as overdrafts or cheque books (although some may offer you a 'buffer zone' of £10 or so - which means that you could, for example, taken £10 out at a cash machine even if there's only £7 in your account).

How to open a bank account for bad credit

Providing you meet the provider's conditions for one, you should have no problem opening a bank account for bad credit. You may be able to open an account with your local bank, and more often than not, you can open one online.

Keeping track of your money with a bank account for bad credit

The provider of your account should send you a regular statement through the post showing you any transactions that have taken place over a set period of time.

You may also be able to check your balance online.

What if my application for a bank account for bad credit is turned down?

All you should need to open bank account for bad credit is proof of identity, such as a passport, driving-licence, etc.

However, your application may still be declined if you're an undischarged bankrupt or have a record of fraud.