Basic Bank Account

What is a Basic Bank Account?

A Basic Bank Account is primarily designed for those with Sub-Prime Credit. 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 Credit Reference Agencies separately from current accounts.

The Information Commissioner's Office does not permit Basic Bank Accounts to be treated any differently to other types of current account when calculating credit scores.

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