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Everything You Would Need To Know About Introductory Accounts
Despite incredibly easy access to personal finance services, there are actually 3 million adults in the UK today who are totally outside the banking system and don't have access to a bank account.
Many of these individuals are unable to get a standard account since they have a bad credit score, because of past financial difficulties, or simply a lack of positive financial history. While high street banks are keen to deal with individuals with good credit ratings, they may be cautious about making credit facilities such as overdrafts available to folks with sub-prime ratings.
A brand new kind of bank account was needed when the industry's government prompted a goal of increasing financial inclusion. That was when the Basic Bank Accounts were born.
Basic bank accounts, also known as starter accounts or introductory accounts, are an extremely easy sort of account which offers little in the way of credit or ways for account holders to get into debt. There is usually no overdraft facility, no check book, and no debit card. The accounts merely offer a way for cash to be paid over the counter, by electronic transfer, and also withdrawn by cash machine.
This lack of features means that there's little risk or cost involved for the banks, and so their approval rates are a lot higher. In fact, about the only individuals who will have their applications declined are undischarged bankrupts, or those having a history of fraud or really serious bad debt.
Firstly, most accounts will let you set up direct debits to pay your bills, and this will save you money as many companies will give you a discount if you pay in this way. So how can obtaining a basic bank account help you? Ask a financial services provider or fsp by searching, "financial service provider".
Also, the government is moving towards paying all benefits and pensions direct into bank accounts rather than in the old way over the Post Office counter. Basic bank accounts will let you receive money in this way.
Lastly, this type of account may be a 'stepping stone' into other financial services, helping you to build up a better credit rating and in the future to take advantage of other services available like overdrafts and debit or credit cards.
Since they were introduced, basic accounts have been really successful, and there have now been around five million accounts opened. Both the government and the banking industry say they are committed to increasing this figure much more over the next few years until each and every adult has some form of bank account. We can expect to hear a lot more about basic accounts in the not too distant future.
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