Did you know that there are some bank accounts that providers don't advertise much?
Although you've probably seen current accounts and savings accounts advertised on billboards, TV and radio, there are some bank accounts and services that receive nowhere near the same publicity.
So, what lesser-known banking options are there? Let's take a look at just one of them: a basic bank account - a type of account that may not be widely known, but can be very useful for some customers.
There are many 'financially excluded' people in the UK who don't have a bank account - but that doesn't necessarily mean they don't want one.
Most bank accounts require a credit check when people apply for them, and if you've got a poor credit history, you may be considered too 'risky' a customer to successfully apply.
If you're in this position, and you need a bank account that works for you, a basic bank account could be an ideal alternative.
What is a basic bank account?
A basic bank account, as the name suggests, offers at least a basic way of managing your money.
If you open a basic bank account (or a basic bank account alternative like thethinkmoney Personal Account for example
), you'll have a secure place to keep your money and store any income you receive. You'll also be able to make payments with Direct Debits and standing orders and pay in cheques or cash free of charge.
But what makes a basic bank account suitable for some people who can't get a standard account?
Basic bank accounts don't require a credit check - so even if you've been turned down by high street banks, you should be able to open a basic bank account.
Furthermore, basic bank accounts don't come with an overdraft facility, credit card or any other form of borrowing. If you've had debt problems in the past, you may be determined to leave them behind and get on the road to a more financially secure future, in which case, not having the facility to overspend on your account from month to month could help you avoid temptation - and focus on living within your budget.