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Bad Credit Bank Accounts

You may experience difficulties in opening a standard current or savings account because you have a poor credit rating or low income or because you already have a current account which is overdrawn.

In this situation you may be able to open a basic account. Under the Banking Code, if a bank or building society offers a basic account and it thinks you may be interested in this service, it should provide you with information about the account.

Guidance on the Code suggests that a bank or building society should give information about basic bank accounts to people whose main source of income is state benefits and to people who have expressed an interest in opening an account which does not allow them to become overdrawn and who are prepared to accept the limitations of a basic bank account.

However, if you want to open a basic bank account you should ask for the account by name.

Full details of the types of bad credit bank accounts are given below:

Bank / Building Society Name Name of Account Charge made if Direct Debit noty paid? You may not be able to open an account if the below applies to you:
Abbey Basic Current Acount Yes Undischarged Bankrupt.
Record of Fraud
Bank of Scotland Easycash Account Yes Undischarged Bankrupt.
Record of Fraud
Clydesdale Bank Castmaster Account Yes Undischarged Bankrupt.
Record of Fraud.
Some Bad Debts.
Co-Operative Bank Cashminder Account Yes Record of Fraud
Halifax Easycash Account Yes Undischarged Bankrupt.
Record of Fraud
HSBC Basic Bank Account Yes Undischarged Bankrupt.
Some Bad Debts
Lloyds TSB Basic Bank Account Yes Undischarged Bankrupt.
Nationwide Building Society Flex Account Cash Card No Record of Fraud
Natwest Step Account Yes Undischarged Bankrupt
Northern Rock Cashminder Yes Undischarged Bankrupt.
Record of Fraud
Some Bad Debts
The Royal Bank of Scotland Key Account Yes Undischarged Bankrupt.
Yorkshire Bank Readycash Yes Undischarged Bankrupt.
Record of Fraud
Some Bad Debts

When applying to open a basic bank account you should not be subject to a credit scoring test. However, a bank or building society may still refuse you a basic account where, for example, a credit reference agency check shows that you have previous bad debts of more than 500, has outstanding county court judgments against you, or is the subject of a bankruptcy order.

There are other bad credit bank accounts available if you have been refused a basic account. However, these do carry a monthly charge and some of them have an administration fee.

If you are struggling opening account, talk to one of our consultants before entering in a fee paying account.