Current accounts come in all different shapes and sizes, but not everyone needs (or are eligible for) all the bells and whistles often attached to these accounts.
Allow us to introduce basic bank accounts!
These no hassle, no fuss accounts offer a safe environment for you to deposit and withdraw money, receive your wages and even manage your finances online. Let’s take a closer look at how basic bank accounts work, their features and how you can get your brand new current account in place today.
Basic bank account are renowned for their simplicity, offering a stripped back version of more traditional current accounts. Just because they’re called basic accounts doesn’t mean they aren’t packed with useful features.
Your basic account will come with a cash card or debit card, giving you quick and easy access to your money when you need it. With a basic account debit card, you’ll be able to spend money online and in-stores as well as having access to the thousands of cash points located across the UK.
You’ll also have access to online banking, ensuring that you’re fully equipped with on the go information to keep your account in order.
No. Basic bank accounts do not come with an overdraft facility making them perfect for those who are unable to get credit or have no credit history at all.
Yes. You’ll be issued either a debit card or cash card depending on the type of basic bank account that you choose. If you’re not issued a debit card with your account straightaway then you may be able to upgrade your card in future once you’ve either reached an eligible age or account status.
Yes. You’ll be able to setup direct debits to take care of all your regular bills, helping you to keep on top of your payments from one basic current account.
Yes, almost every bank now supports online banking and you’ll be able to check your balance in real time, as well as monitoring payments in and out of your account. You’ll even be able to order new or replacement cards, print statements and transfer funds.
The world of basic accounts is always changing with new high street and online banks coming into the market with a whole host of new features. Here’s a look at our Top 3 Basic Accounts 2019.
Monzo launched their current account in 2017 and already more than 3 million people around the world use this online bank for their day to day financial management. Their commitment to transparency and fairness sees them hold regular online forums with their customers to help improve their overall service.
| Pros | Cons |
| All banking facilities available online or through their mobile app | Only one type of current account available |
| Credit is optional meaning that most people are eligible for a Monzo account | No physical branches making it unsuitable for technophobes |
| Specialist accounts available for 16-17 year olds who want to manage their money online | |
| Use your basic account with Apple and Google Pay |
Monese is an award winning challenger bank with the sole aim of offering simple, accessible current accounts through their mobile app. Launched to help those without a credit history or regular utility bills to get a basic online account, more than 3,000 people sign up to Monese every day.
| Pros | Cons |
| Contactless debit cards with every basic account | Monthly fee required to unlock higher free withdrawal limits |
| Up to £2,000 of fee-free spending abroad | |
| Free foreign currency transfers to Monese accounts | |
| Customer support available at home and abroad |
Cashplus are real pioneers in the finance sector as the first banking services company in the UK to provide both prepaid credit cards as well as non-bank current accounts. As well as offering basic current accounts, they’ve also diversified into business banking which has accelerated their growth even further.
| Pros | Cons |
| Unrivalled track record in bringing new products to market | Card issuing fees apply |
| No credit checks for basic accounts | You’ll be charged on free accounts once you’ve reached their spending and withdrawal limits |
| Simple application with 100% approval once verified |
Setting up a basic account is now easier than ever before, but what may be the most suitable for someone else may not be the best for you. This is why it’s so important to compare basic accounts online so you can choose from a range of tech-savvy, forward thinking banks for your next basic current account.
Tell us a little more about you and the type of account you’re looking for, and we’ll search our panel of established banking service providers to help you find the perfect account for your needs.
Since basic bank accounts don’t come with credit facilities, you won’t need to undergo a credit check and can be improved immediately upon verification. You can get instant access to your online or mobile app current account on the very same day that you apply.
Choose the perfect basic bank account today with CreditRaters.com and find a bank that can help you to get the most from your finances.
*UKCreditRatings offer a 14-day trial to their credit report service. If you choose not to cancel within the trial period, you will incur the monthly subscription fee of £19.95 until you cancel the account. Credit Raters is a free financial comparison website owned by Season Marketing Ltd which is a company registered in England and Wales (Company number 08901402). Season Marketing Ltd's registered office; 71 - 75 Shelton Street, London, England, WC2H 9JQ. Season Marketing Ltd is authorized and regulated by the Financial Conduct Authority and entered on is the Consumer Credit Register under reference number: 727385. Licensed by the Information Commissioners Office, (registration number ZA064129).
