Opening a bank account can be difficult if you’ve had debt problems in the past. However, having a bank account means having important benefits - so it's important to seek advice on opening a bank account after experiencing debt problems, since managing your money in an account is a large part of becoming and remaining debt free.
Since 2000, banks have made ‘basic bank accounts’ available to the public. This means that even if you have, or have had debt problems, opening a bank account will be possible. This basic bank account will provide basic banking services to anyone, even with a problematic credit history.
What are the benefits of getting a bank account?
Opening a bank account entails many benefits, including:
- Providing a route to many other bank services
- Helping build a track record or history with a bank
- Taking advantage of bank discounts for automated payments
- Providing a direct debit payment facility
- Providing a cheque facility
When opening a bank account, it is important to consider the advantages and disadvantages of different banks. Is the bank account provided fee free? Does the bank account include free automated services? Does the bank account include a credit or cash card to use in cash machines? These are all significant aspects to consider when choosing a suitable bank account.
Obtaining information and advice on bank accounts
If you would like to find out more information on bank accounts or financial problems in general, visit the Citizens Advice Bureau.