Despite incredibly easy access to personal finance services, there are still 3 million adults inside the UK today who are totally outside the banking system and do not have access to a bank account.
A lot of of these folks are unable to get a standard account simply because they have a poor credit score, because of past financial difficulties, or just a lack of positive financial history. While high street banks are keen to deal with individuals with good credit ratings, they could be cautious with making credit facilities such as overdrafts accessible to individuals with sub-prime ratings.
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A new kind of bank account was required when the industry's government prompted a goal of increasing financial inclusion. That was when the Basic Bank Accounts had been born.
Basic bank accounts, also called starter accounts or introductory accounts, are a really easy type of account which offers little in the means of credit or ways for account holders to get into debt. There is usually no overdraft facility, no check book, no debit card. The accounts basically supply a way for cash to be paid over the counter, by electronic transfer, and withdrawn by cash machine.
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This lack of capabilities means that there is little risk or cost involved for the banks, and so their approval rates are significantly higher. In fact, about the only men and women who will have their applications refused are undischarged bankrupts, or those with a history of fraud or very serious poor debt.
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Firstly, most accounts will let you set up direct debits to pay your bills, and this will save you money as many businesses will provide you with a discount when you pay in this way. So how can obtaining a basic bank account benefit you? Ask a financial services provider or fsp by searching, "financial service provider".
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Furthermore, the government is moving towards paying all benefits and pensions direct into bank accounts rather than in the old way which was the Post Office counter. Standard bank accounts will let you receive funds in this way.
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Finally, this kind of account can be a 'stepping stone' into other monetary services, helping you to build up a better credit rating and in the future to take advantage of other services available including overdrafts and debit or credit cards.
Ever since they had been introduced, basic accounts have been extremely successful, and there have now been around 5 million accounts opened. Both the government as well as the banking industry say they are committed to increasing this figure even more over the next few years until each adult has some type of bank account. We can expect to see a lot more about basic accounts in the not too distant future.
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