BASIC BANK ACCOUNTS
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See what options exist in the current accounts market for people with bad credit
It’s hard to get by without a bank account these days, as it’s the main hub for receiving your income and making payments – but if you’ve got a bad credit rating, you may find it tough to get one.
You may have bad credit due to missing a repayment on your credit card, mortgage or loan, or because you have been in and out of unemployment and moved address multiple times. You may have even had County Court Judgments or been made bankrupt in the past.
If you need a bad credit bank account, you could try one of the Moneymona accounts it offers more than a Bank basic account. Bank basic accounts will allow you to pay in and withdraw money, but other facilities and services may be quite limited for example you probably won’t be able to get a debit card or cheque book and you might not be able to set up standing orders.
If you have a very bad credit history, have been declared bankrupt or have a record of fraud, you may find you won’t be accepted for even a basic bank account, and applying and being rejected could leave another negative mark on your credit report. The most basic accounts are designed for people with bad credit and may not even require a credit check as they require a monthly fee and often charge you for withdrawing cash.
If you are not sure what your credit score is like or what kind of credit or banking products you would be accepted or rejected for, then it may be worth your time signing up for a credit report and score from a credit reference agency.
