Basic Bank Accounts
No-frills bank accounts to increase financial inclusion
Basic Bank Accounts are a simple kind of bank account aimed at people who are outside the banking system because of a poor credit rating, low income, or other form of financial exclusion.
They offer very few features and usually have no overdraft, debit card, chequebook, or other way of getting into debt.
For this reason the approval rates for this kind of account are very high as there is little risk for the bank.
A basic bank account will usually offer a cashcard for withdrawing money, a direct debit facility for paying bills, and the ability to have money deposited by bank transfer.
More on 'Banking':
Related Links:
Basic Bank Accounts - From www.bankingcode.org.uk
Basic Bank Accounts Explained - Although personal banking in Britain is more widely available than ever before, there remain nearly 3 million adults who are completely outside the banking system...
