In the financial and business world, the worst possible thing that can happen is to go bankrupt. This means that you’ve lost everything trying to run a franchise built on deficits, consistent borrowing of money and not returning it at all, and just plain flat broke. But this does not mean that you can’t get back on your feet. As soon as you do however, you find yourself unable to establish a bank account because of your bad credit history. Here, credit check can be a bit of a hassle, so how do you get a bank account without it?
Before answering this question, let us ponder upon the benefits of having a normal bank account. For one thing, they have a lot of benefits. For a small price per month, you can find yourself earning points for things such as higher interest rates and in some cases even frequent flyer miles. But do you really need the frills and bows of such an account?
In the case of just recently having got back on your feet, the answer is no. The top priority would be to set your life back together again, and you don’t really need all the extras and freebies to do so. No credit check bank accounts are non-status accounts –which are basically just accounts with an account number and sort code. This is extremely useful especially if all you want is someplace to store your money despite the rudimentary services that banks can offer.
Applying for this kind of account is easy, and all you really need is, if you’re in the UK, a British passport and a local address that the bank can send updates, statements, and mail to. Though the services are quite basic in essence, but these are often quite enough to go with. This is enough to avail for online services such as travel booking and online purchases. But of course, you’d need to have a card with enough credit limit for this.
The only disadvantage to having a no credit check bank account is that you can’t apply for a Mastercard or a Visa, which frown greatly upon matters such as bad credit history. But it is still enough just to apply for a basic bank card you can use to withdraw money with on an automated teller machine. Before you react, try to understand that these accounts are sometimes called second-chance accounts –and these are fabricated for you to get out of bankruptcy, not go all-out on a shopping spree.
So if you’re looking for that second chance in your life (and rise above being bankrupt), bank accounts like these might just be the very thing you need to get you out of this fix, and they’re often enough to save your life. Sure, you may not have all the benefits you’re looking for, but be patient –you’ll have them soon enough as soon as you get back on track. UK non-status accounts like these require only a passport and a local address, making it a whole lot easier for you to do so.
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