What is a Basic Bank Account?
A basic bank account allows you to receive money and pay bills
and it can be the first step towards opening a regular current
account in the future.
With a basic bank account you can:
- Have your wages, benefits, state pension or tax credits paid
directly into your account;
- Pay in cheques for free (but remember you will have to wait a
few days before the money is available for you to spend)
- Take money out at a cash machines with cash card (this is
usually free, but some cash machines make a charge)
- Withdraw money at the Post Office and
- Pay your bills by direct debit meaning you could pay less for
some things – especially gas, electricity or telephone.
Some banks let you have a debit card to pay for your shopping
and some let you pay your bills by standing order.
Lots of banks and some building societies offer basic bank
accounts; see links at http://www.moneymadeclear.org.uk/pdfs/bank_accounts_table.pdf
for a full list.