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Basic Bank Accounts

Basic Bank Accounts are current accounts without any overdraft or credit facilities. They allow you to manage your money without worrying about getting into debt.

You can have regular payments such as wages, pensions, tax credits and social welfare benefits paid into a basic bank account. You can also make regular payments such as direct debits and standing orders from these accounts. Some banks do not apply fees or charges to basic bank accounts –check when you are opening an account to see if there are fees or charges applicable.

If you wish, you can request a debit card with your account allowing you to withdraw money through ATM machines. While your own bank may let you withdraw money from its ATM machine free of charge, some other cash machines may charge you to withdraw money, but you will be told this in advance.

Basic Bank Accounts do not offer a cheque book facility and you will not be able to go into overdraft. If these things are important then you should perhaps consider a regular current account instead.