Picture of a house shaped money box and a basic bank accounts leaflet

Basic bank accounts are easy to use accounts that have the basic features of a current account but you cannot have an overdraft or cheque book.

If you haven’t got a bank account then you’re going to be missing out.

We’d really recommend getting a basic bank account to pay your rent and here are some top reasons why:

Why open a bank account? +

  • Under Universal Credit your money will be paid directly to you – so you’ll need to have an account for it to be paid into
  • You can access your money 24/7
  • Wages, pension and benefit payments can be paid directly into the account
  • You have the money available to you on the day it arrives in your account
  • You will receive discounts on utility bills if you pay by Direct Debit
  • You will receive free automated transactions (e.g. Direct Debits and standing orders)
  • You will have a cash card for use at cash machines
  • Many banks will give access to phone or internet banking so you don’t have to go in to the branches if you don’t want to

How do I open a basic bank account?+

If you want to open a basic bank account at a bank or building society you should check with your local branch what you need as proof of identiry and address. This could be documents like a passport, driving licence, Council Tax bill or a recent electric, gas or water bill. (See our where can I open a basic bank account section for more details.) 

When you speak to the bank – make sure you make it really clear that you want a basic bank account so don’t be pressured into opening another account, which is unsuitable and may lead to future problems such as overdrafts.

 

Where can I open a basic bank account?+

Basic bank accounts are available from most high street banks.

For further information please download our latest Basic Bank Accounts in Wolverhampton list:

Basic Bank Accounts 2015

Basic Bank Accounts 2015 - ID needed

How to choose a bank account +

The Money Advice Service have produced a helpful vide about 'how to choose a bank account'. A full transcription is available on their Youtube channel.

Credit Unions +

We work closely with Wolverhampton City Credit Union - they offer budget accounts, savings accounts, low cost loans and special deals on electrical goods.

They are authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, so your money is safe.

 
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