If you have a poor credit score, you may find it difficult to access to financial products – most notably bank accounts. This can make it hard for you to manage your money or access services such as loans. Basic bank accounts could be the answer here, as you often do not need a credit check to open one. We provide these products, so here we explain how to open a basic bank account with Turner Little.
Intro to basic bank accounts
There are a variety of reasons why you might have a bad credit rating. You may have missed bill repayments, for example, or been targeted with CCJs. Remember that banks are risk-averse, so if you have had to contend with these issues before, they may see you as a risk they do not want to take with their money. They will probably, in these cases, deny you a standard current account.
But many banks will allow you to open a basic account with them if you have a low credit rating. Which you can use to store and manage money, as well as pay bills via direct debit. You might even be able to get a debit card with some providers, so you can execute payments online, making your life easier!
Are you eligible?
The great thing about basic bank accounts, is that they are open to almost anyone. Let’s say, for example, that you have declared bankruptcy before. This would not make you ineligible for a basic bank account, so you can use this product to get back on your feet. We should point out, however, you will need to provide the bank with proof of identification – ideally a passport and driver’s license, to open a basic bank account and if you have a criminal conviction for fraud you may not be eligible.
Turner Little and basic bank accounts
As a savvy consumer, it is critical that you shop around before opening a basic bank account, so you can secure the best deal for your circumstances. Basic bank accounts come with different benefits – for instance not all of them will supply you with a debit card, so by doing your due diligence and researching accounts extensively before you sign up to one, you can find the right financial product. This is where we can help, as we supply a comprehensive service.
As part of Turner Little’s UK personal bank account services, we can open a basic bank account for you. These products come with a range of benefits, including a cash card, a debit card (subject to status), counter cheque facilities, standing order/direct debit and more. You can establish one of these accounts even if you have a bad credit history, and you will into have to stick to minimum balance, so whatever your circumstances, you can find the product you need to manage your money with us!
Just visit our website now, and you can get started on opening a basic bank account with Turner Little!
