Compare basic bank accounts

Basic bank accounts help those with poor credit scores get a bank account. Basic bank accounts are what they say they are. They come with no strings attached, frills or anything else you would associate with a standard current account. You put your money in and you take it out. They are often fee-free.

Compare basic bank accounts

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5 of 20 results

Finder Score	Account fees	Funding requirement	Interest (AER)	Arranged overdraft	Incentive	Representative example
Finder score Not yet rated The Co-operative Bank Cashminder	Finder score Not yet rated	£0	No minimum funding requirement	0% AER	N/A	More info Compare product selectionCompare	loading
Finder score Not yet rated Santander Basic Current Account Cashback	Finder score Not yet rated	£0	No minimum funding requirement	0% AER	N/A	More info Compare product selectionCompare	loading
Finder score Not yet rated Bank of Scotland Basic Account Cashback	Finder score Not yet rated	£0	No minimum funding requirement	0% AER	N/A	More info Compare product selectionCompare	loading
Finder score 6Standard Monese Monese Simple	Finder score 6Standard	£0	No minimum funding requirement	0% AER	N/A	More info Compare product selectionCompare	loading
Finder score Not yet rated Virgin Money M Account Cashback	Finder score Not yet rated	£0	No minimum funding requirement	0% AER	N/A	More info Compare product selectionCompare	loading

Showing 5 of 20 results

Finder Score for bank accounts

To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.

Read the full methodology

What is a basic bank account?

Basic bank accounts are stripped-back accounts with fewer features – most notably without an overdraft facility. These accounts are made available to customers with poor credit scores. In fact, they’re typically available without the need for a credit search.

With basic bank accounts, you will still be able to set up direct debits and standing orders. In most cases, you’ll also be given a debit card and access to online and telephone banking.

There are no monthly fees with these accounts. However, you shouldn’t expect to earn interest on credit balances or receive an overdraft. Additionally, perks like cashback are much rarer (although not unheard of) on basic accounts.

Who can open a basic bank account?

The main selling point of basic bank accounts is that they have wider eligibility criteria. If you are a UK resident, you should be able to open one of these accounts. Learn more about opening a bank account as a non-UK resident.

Requirements to open a basic bank account

In most cases, you can open a basic bank account with proof of ID and proof of address. You’ll need to be at least 16 years old (with the exception of Metro Bank’s Cash Account that can be opened by those aged 11 and older). Read our guides to find out more about opening an account if you do not have proof of ID or proof of address.

In some cases, you won’t need to pass a credit check to open an account. Even if you do, those with low credit scores are still likely to pass.

How to manage a basic bank account

Most basic bank accounts come with a debit card and online banking, just like regular bank accounts.

Alternatives to basic bank accounts

If you’re looking for a simple way to open a bank account, but with more flexibility in managing your money, you may want to consider opening an account with a digital-only challenger bank.

You could try a digital bank like Starling or Revolut. The application process can be completed by downloading the respective app, making it quick and hassle-free, and you may not need to undergo a credit check for a simple account without an overdraft facility.

Like a high-street bank, these online-only providers offer Financial Services Compensation Scheme protection, meaning that if the bank ever hits financial trouble, your deposits are protected up to £120,000 per person per financial institution.

With Starling, you can choose from a personal account that charges no fees for overseas ATM withdrawals or transactions. With Revolut, as well as all the regular functions of a basic current account, you have the flexibility to transfer money abroad in more than 30 currencies with the interbank exchange rate and its multi-currency card lets you hold up to 30 currencies at a time.

While these banks don’t have physical branches, you can manage your account via the bank’s smartphone app, using live chat messages and in some cases telephone services. It’s also worth noting that Starling allows its personal account customers to deposit money via the Post Office network.

There are also UK banking providers who specialise in offering personal accounts that you can open without a credit check, such as Zempler and thinkmoney though these accounts come with a fee.

Pros and cons of Basic Bank Accounts

Pros

Relaxed eligibility criteria.
Debit cards and online banking are usually available.

Cons

All features and perks are stripped back.

Bottom line

Basic bank accounts are not as good as regular bank accounts. However, these can be a life-saver for those who have been rejected for any other type of account due to a poor credit score.

Once you have started to improve your credit score, it’s recommended that you switch from a basic account to a regular bank account, so you can take advantage of the extra features available.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.

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Written by

Matthew Boyle

Publisher

Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio

Matthew's expertise

Matthew has written 221 Finder guides across topics including:

Helping first-time buyers apply for a mortgage
Comparing bank accounts and highlighting useful features
Publishing easy-to-understand guides

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Basic bank accounts

Discover what a basic bank account is and how they compare to other types of bank accounts.

Compare basic bank accounts

Finder Score for bank accounts

What is a basic bank account?

Who can open a basic bank account?

Requirements to open a basic bank account

How to manage a basic bank account

Alternatives to basic bank accounts

Pros and cons of Basic Bank Accounts

Pros

Cons

Bottom line

Frequently asked questions

Do you get a debit card with a basic bank account?

How long does it take to open a basic bank account?

How much does a basic bank account cost?

Matthew Boyle

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