Are you having difficulties opening a bank account because of poor credit history?
Here are some bank accounts you can open in minutes, hassle-free.
1. Cashplus
Cashplus is an online bank account which provides personal and business banking. You can open an account in minutes and it’s hassle-free.
Fees
Monthly fee – £5.95
Card issue fee – £5.95
Features and benefits
* Banking app and online banking
* Contactless debit card
* Deposit money in any Post Office
Get more information, here: Cashplus Bank.
2. Card One Money
Get started with a Card One Money account quickly and get yourself a bank account.
Fees
Monthly fee – £12.50
Features and benefits
* No credit check and no account opening fee
* They will deliver your sort code and account number by text, usually, within minutes
* Pay standing orders
Get more information, here: Card One Money.
3. Pockit
Fees
Membership fee – £1.99 per month
Features and benefits
* You can open an account in 3 minutes, either online or on an app
* Get an account with any credit history
* You can get cash back from high street retailers
Get more information, here: Pockit Bank.
4. Suits Me
Fees
* Monthly fee – £4.97
Features and benefits
* You can open your account online or in an app
* No credit check
* You can get exclusive cash back rewards and deals from partners
Get more information, here: Suits Me Bank.
5. Revolut
Fees
Free account available.
Features and benefits
* No credit checks
* Connect with Apple or Google Pay.
* Open free account in minutes
Get more information, here: Revolute Account.
Why is having a bank account important
It is important to have a bank account for a number of reasons. If you work, you can get paid through your bank account. Business will not pay you in hand, so if you do not have a bank account, you will not be able to work for them.
Having a bank account will enable you to pay for goods and services through your account. Through your bank account, you can get a debit and credit card so that you can make payments, including online payments.
Having a bank account, will also enable people to make payments to you.
Which bank account do you need
If you have no credit history because you have not had a bank account before, then you will be better off with a bank account from your regular high street bank and building society. Those accounts will have fewer charges and more facilities, such as building up your credit for a mortgage. Here are some banks and building societies for bank accounts:
Poor credit history
If you have a poor credit history, then these accounts from Cashplus, Card One Bank, Pockit and Suits Me will enable you to get a bank account and give you access to banking facilities.
Basic Bank Accounts
If you are finding it difficult to open a regular account, because of poor credit history. Some banks and building societies, offer a basic bank account. With a basic bank account, you can put in and spend the money you have in your account through a debit card. You will be able to put in your wages or benefits into your basic bank account. Here are some basic accounts you can open:
Barclays Basic Account
Nationwide Basic Account
Halifax Basic Account
HSBC Basic Account
Build up your credit score
Opening any bank account, will enable you to rebuild your credit score and make it more positive. This will enable you to be accepted by more banking institutions and allow you to be accepted for loans and hire purchases.
It is very important to be able to accepted for loans and credits; otherwise it will hinder you, such as getting a mortgage or getting accepted for credit.
How you can build up your credit score
If you want to build up your credit score, you must improve your money management. Pay your bills, especially credit card bills, on time. If you do not, then you will not be able to improve your credit score quickly.
If you have money owing, then you should pay it back, slowly, if you can. If you do not have a manageable agreement in place to pay back your debt, then you should consider doing this. You can get help and advice from your local Citizens Advice or from the National Debtline.
Additional information
If you would like to know how to improve your credit score, go to: Money Helper.
If you are looking for a personal loan, check out: Personal Loans.
If you would like free advice on debt, go to: Citizens Advice.
If you are struggling with your energy bills, read our article: Help with Energy Bills.
If you are looking for a home insurance, read our article: Home Insurance – Compare Cheap Quotes.
If you are looking for the best SIM only deal, read out article: Best SIM Only Deals UK – best SIM only plans available
If you are interested, check out: Best Bank Accounts for Bad Credit.
If you are interested in a loan, check out: Loan.co.uk.
Find out more about insurance regulations, here: Financial Conduct Authority (FCA).