It's hard to get by without a bank account these days - but if you've got bad credit, you may find it tough to get one. Here, uSwitch looks at the different options available for bad credit bank accounts.
What kind of bank account can I get if I've got bad credit?
If you need a bad credit bank account, you could try one of the basic bank accounts offered by the majority of the big high street banks. A basic account will allow you to pay in and withdraw money, but other facilities and services may be quite limited - for example you probably won't be able to get a debit card or cheque book and you might not be able to set up standing orders.
If you have a very bad credit history, have been declared bankrupt or have a record of fraud, you may find you won't be accepted for even a basic bank account, and applying and being rejected could leave another negative mark on your credit report.
Can I trust companies that promise to get me a bad credit bank account in return for a fee?
You may come across companies promising to get you a bad credit bank account with all the usual facilities like a debit card, cheque book and overdraft - in return for a fee. Think twice and be sure you know who you're dealing with before handing over cash to these companies - if it sounds too good to be true, it probably is.
What are the alternatives to basic accounts?
One alternative to a basic bank account if you have bad credit is cardonebanking - there's no credit check and cardone guarantees to accept you, no matter what your credit history.
Much like a normal bank account, you can arrange to have your wages or other income paid directly into your account, pay in cash or cheques at the Post Office or Natwest branches and set up standing orders to pay your bills. You can't have a chequebook or an overdraft and you don't earn any interest, but there are no fees for missed payments, you get a personal account manager and access to online, telephone & SMS mobile phone banking.
Another big advantage of cardonebanking over basic bank accounts is that you get a Prepaid MasterCard® credit card - which you transfer money onto and use just like a debit card for all your daily spending in shops, over the phone and online and to get money out at cash machines.
cardonebanking costs £12.50 per month, plus a one off account opening charge of £30 or £35 for a joint account. Apply now.