If you've experienced debt or credit problems in the past, it can be difficult to open a bank account. Holding a bank account is important - so it's essential that you manage your finances and debt problems to be able to benefit from a comprehensive bank account. However, banks do offer a basic bank account which is available to everyone, even if you’ve had a problematic credit history.
What are the benefits of a bank account?
A bank account not only allows you to better manage your finances, but includes other benefits as well.
You can use internet banking and other automated bank services, which could come with discounted payments not available in other bank accounts. A bank account will also allow you to build up a banking history to better serve your credit needs. You will be able to access phone banking and set up direct debits which could make budgeting much easier.
Many banks offer a current account, and you should ensure you open a bank account which works best for you. You should find out if the bank account charges fees for any of its services, or whether you will receive a debit or credit card along with the account.
Opening a bank account: information and advice
If you would like to find out more information on bank accounts or financial problems in general, visit the Citizens Advice Bureau.