Basic Bank Account

What is a Basic Bank Account?

A Basic Bank Account is primarily designed for those with poor credit scores. Basic Bank Accounts offer a place to store and pay money from, without any overdraft facilities or any in-credit interest.

Even though no credit facility exists, Basic Bank Accounts are reported by banks to the credit reference agencies, separately from current accounts.

The Information Commissioner's Office does not permit the credit reference agencies to treat Basic Bank Accounts any differently to normal current accounts when calculating credit scores.

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