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Business
Despite easier than ever access to personal finance services, there are still 3 million adults in the UK today who are completely outside the banking system, and don't have access to a bank account.
Many of these people are unable to get a standard account because they have a poor credit score, either because of past financial difficulties or simply a lack of positive financial history. While high street banks are always keen to deal with people with good credit ratings, they can be cautious about making credit facilities such as overdrafts available to people with sub-prime ratings.
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A new kind of bank account was needed if the industry's government prompted goal of increasing financial inclusion was to be met, and Basic Bank Accounts were born.
Basic bank accounts, also known as starter accounts or introductory accounts, are a very simple type of account which offer little in the way of credit or ways for accountholders to get into debt. There is usually no overdraft facility, no cheque book, and no debit card. The accounts simply provide a way for money to be paid in either over the counter or by electronic transfer, and withdrawn by cash machine.
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