What are bank accounts for bad credit in the UK

January 23, 2012 admin Finance

For people in the UK who have a less than perfect credit rating the process of opening a bank account online can become a hurdle. However, there are bank accounts for bad credit which are designed specifically for those with a bad credit rating. These bank accounts work exactly like any other current account.

In the UK bad credit bank accounts can actually be opened online and without the need for a credit check which makes them available to anyone as long as they’re aged 18 years of age or older. These accounts are not widely known by the general public though so people generally tend to accept that they are unable to have a regular bank account and settle for a basic bank account offered by their High Street bank.

While these basic bank accounts offer people the most basic of banking services they fall short of providing people with things like a debit card which can be used to purchase goods and services online or in shops.

With a bank account that has been specifically designed for people with a bad credit history the customer will get all of the banking facilities that are associated with a regular current account including a debit card rather than just a plain cash card. Bank accounts for bad credit also provide things like online banking as well as phone banking which makes managing the account very easy and convenient.

Because there are no credit checks involved when applying for a bad credit bank account it means that you are 100% guaranteed to be accepted as long as you are a UK resident aged 18 years of age or older. This means that even if youre currently bankrupt you can still open this type of bank account. Having CCJs, Defaults or a history of late or missed payments on your credit file will still not stop you from being able to open an account.

Thanks to a simple online application form these bank accounts can be applied for and opened online from the comfort of your own home and without the need to attend an interview.

bad credit, bank accounts, bankrupt