Bank Accounts Bad Credit – looking for a new bank current account, but you have a bad credit history? Have you been turned down by a High Street Bank for a new bank account recently? You are not alone! Open a basic bank account online here today.
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How to Find Bank Accounts For People With Bad Credit in the UK
You can find a bank account for people with bad credit in the UK. Standard current accounts will require you to undergo a credit check.
However, there are other options. You can apply for a guaranteed bank account, which is more lenient when it comes to accepting people with poorer credit. CCJs and defaults on loans are both examples of bad credit.
A basic account can be an excellent option for people with a bad credit history.
Basic accounts are available from 15 UK banks
If you are looking for a basic bank account, then you have come to the right place. This account is designed to make basic transactions easy and fee-free.
These accounts are provided by nine of the UK’s largest personal current account providers and all comply with the Payment Accounts Regulations 2015. The nine banks offering basic bank accounts are: Barclays UK, HSBC UK, Nationwide Building Society, Santander UK, TSB, Virgin Money, and RBS.
Although basic bank accounts may seem like a good option for people with bad credit, some people may not be able to get them.
These individuals may find that they can’t get approved for a standard current account, and a basic bank account will provide them with a debit card and online and mobile banking services.
Basic bank accounts can be upgraded to a current account if the applicant’s circumstances change.
Customers with poor credit scores can open a current account with a basic account
Banks use ChexSystems to track consumer financial behavior and assign a score to each applicant. The higher the score, the less risky the applicant is to banks.
Customers with low scores may experience difficulty opening a bank account.
Banks review ChexSystems reports to determine whether they should open an account. They look for bank overdrafts, missed payments, or a history of fraudulent activity.
When looking for a bank that offers accounts for customers with poor credit, it is important to remember that a basic checking account may not meet all your needs.
While it is not necessary to have good credit to open an account, it will help you rebuild your credit history.
Banks offer second chance banking services and customers with bad credit can open a checking account to begin rebuilding their financial history.
Everything is done through the website online and we cover the whole of the United Kingdom, including England, Wales, Scotland and Northern Ireland.