A quick guide to bank accounts for people with bad credit.
Over a million people in the UK don’t have a bank account according to government statistics.
When applying for a bank account, some people are rejected due to a poor credit history or other issues.
What Are Bad Credit Bank Accounts?
Bad credit bank accounts are for people with bad credit ratings, that may not be able to get a bank account elsewhere.
Bad credit bank accounts can include specialist bad credit banking services that are alternatives to a traditional bank account, and there are also some high street banks that offer ‘basic bank accounts’.
List of Bad Credit Bank Account Providers
The following is a list of bad credit bank account services in the UK:
- Secure Trust Bank
- eccount money
How Much Do Bad Credit Bank Accounts Cost?
Some bad credit bank account providers charge a monthly fee. Though it is worth bearing in mind that some services provide budgeting and money management as part of the fee.
Some services may also charge for cash withdrawals, cashback and money transfers.
Always check the details closely to make sure you understand the fees before you apply.
Title image by Axel Drainville @ Flickr.