Basic Bank Accounts

This page tells you all you need to know about Basic Bank Accounts
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What Is A Basic Bank Account? 

Basic Accounts 

Many of the major banks and building societies now offer basic bank accounts. These accounts pay no interest and don’t offer an overdraft facility, but they may offer a small ‘buffer zone’ (£10 or £20) at no charge. Other facilities may be limited but most offer a direct debit facility and some provide a debit card. Most allow deposits/withdrawals at Post Offices.

Post Office Accounts 

Almost anyone can open a Post Office card account but they can only be used to collect state benefits, tax credits and state pensions. You cannot pay any other money in.

Identity Check 

To open an account you will need to prove your identity, bank normally require a current passport or driving licence. Some banks do accept other forms of I.D. but in practice it can be difficult without a passport/licence. Some banks also will accept a tenancy agreement as a suitable form of I.D.

Banks may be reluctant to offer a basic bank account so you might need to ask for the specific account by name. If you still have a problem, ask to see the manager; check the bank still provides the account, if so insist they allow you to open one. See overleaf for a list of banks in the Wigan area who offer a basic account at the time of writing. The Financial Services Authority provides a leaflet: 'No Bank Account?' which gives a list of who offers basic bank account and what facilities are available. A link to the Financial Services Authority 'Money Made Clear Website is provided below:

Basic Bank Accounts Available In Wigan and Leigh (as at November 2009)

Name of Branch Name of Account  Branch in Wigan or Leigh
Barclays CashCard Yes
Co-Operative Cashminder *Wigan only
Halifax EasyCash Yes
HSBC Basic Bank Account Yes 
Lloyds TSB Basic Bank Account Yes
Nationwide BS Flexaccount *Yes
Natwest  Step Account **Yes
Royal Bank Of Scotland Key Account Yes

* Accounts that provide a debit card

** Minimum of £1 required to open this account

Unify Credit Union operates an account into which wages and/or benefit can be deposited. Low cost loans are available to regular savers, no credit checks are undertaken and loans are repaid at 1% per month on the reducing balance (12.7% APR). there are, as yet, no facilities for direct debit etc.

Unify have several collection points throughout the Borough. For more information their phone number is: 01942 701706. For their Website click on the link below: