If you have a bad credit history, most of the UK banks are sure to refuse you bank accounts with them.
As there are so many financial products in the market, you are sure to find an account for yourself even if you have a bad credit rating. So, if you in UK and are facing problems in opening a bank account because of your low credit rating, basic accounts are a solution to your problem. All those with a low credit rating need not worry as they have an option to open a basic account with some of the UK banks and building societies. However, undischarged bankrupts may not get a chance to open even a basic account for their financial needs.
How is it possible?
Basic accounts are simple accounts that let you deposit your money in bank and make payments through it. You are also given an ATM card and a debit card. However, you do not get the overdraft facility and cheque book. So, in a way, the banks provide you an opportunity to use your own money that you have yourself deposited in the bank. This is an ideal way to provide bank accounts for bad credit holders without causing any risk to the banks. In case of basic accounts, banks are only providing you certain services. Most of the banks charge a fee for these services.
Chance to improve your financial image
Bank accounts for bad credit provide a chance to people with a low credit rating to build up their banking history once again. This is the short cut to improve your financial image and come out of the category of people with a bad credit in a very short span of time. These accounts provide you a golden chance to improve your credit rating and get eligible to open other types of bank accounts in a very short duration. So, go to your nearby bank or building society and get a basic account as soon as possible.
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