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There’s plenty of financial swotting up to be done before you head to uni, not least when choosing a student account.
There’s a huge choice of current accounts available, so you'll want to pick the one that meets your needs best.
Basic bank accounts, as suggested by their name, are accounts which come only with the essential features you need for everyday banking – like somewhere to store your income, set up payments and take cash out.
When you have a basic bank account, you’ll be able to use it for the following:
There are several differences, but the main ones are that basic bank accounts don’t offer overdraft facilities, nor do they pay interest on your balance.
Basic bank accounts are designed for people who don’t qualify for standard current accounts due to bad credit – for example, if you have any county court judgements, bankruptcies or major defaults, or if you’re young and haven’t built a credit history.
You can check your score before making an application with our credit monitor.
However, basic bank accounts are open to everyone. They can also be a good option for people who have never had a current account before, or for people who have recently moved to the UK.
To open a basic bank account, you will have to:
So long as both of you qualify, you’ll be able to open a joint basic bank account.
You should be able to open a basic bank account if you have criminal convictions on your record, however banks can refuse applications if you’ve been involved in fraud or any related activities.
While basic bank accounts are designed to be available to people who might struggle to get a standard current account, you still aren’t guaranteed to be accepted. The bank or building society might refuse your application because:
You’re entitled to ask why your application was refused if so, and they’ll usually give you the reason unless you’re suspected of fraudulent activity. You’ll also be able to appeal the decision to your bank if you disagree with the reason they give.
Generally speaking basic bank accounts are free to open and won’t charge you for use like some current accounts will – but they also don’t offer the benefits that you’d get for a paid account. This isn’t always the case, so it’s best to check either way before applying.
You should however keep an eye out for the usual charges that apply to bank accounts, such as fees for using your debit card overseas or buying things in a foreign currency. There shouldn’t be any cash withdrawal fees either, unless you’re using a private cash machine – though these will ask if you agree to the fee first – or an ATM abroad.
You’ll be able to apply for most basic accounts online, over the phone, by post or in person at your local branch. You’ll need to provide proof of ID, such as a driving licence or passport, as well as proof of address, like a utility bill or bank statement from the last three months.
When you compare basic bank accounts, consider the following:
Finding the right bank account for your circumstances is a big part of arranging your finances, so comparing different providers is always useful. With MoneySuperMarket you can compare current accounts by the facilities and services they offer, any usage fees they might charge and the feedback they receive from customers.
Just give us a few details about yourself, including your name, address and date of birth, and we’ll show you a list of accounts to choose from.
