Online Bank Accounts

Banks are practically part of everyday living. Whether you open a bank account for savings purposes or for debit purchases, they are practical means of maintaining purchasing power even without having cash on-hand.

But opening a bank account from a UK high street isn’t easy when you have a bad credit history. In fact, the process is kinda rough because banks have to protect their general interest and ensure that their clients are able to pay them back or maintain at least a good credit standing.

For those of you, whoever, who have a less than perfect credit history, some banks do offer a “Basic Bank Account”. Basic bank accounts are provided for those with bad credit history who still need one either to pay for direct debits or to receive their salary to.

Usually, a basic bank account provides you the ability to receive your salary in the bank while being able to pay direct debits at the same time. It would normally include a cash card (or ATM card) used to withdraw money from automated teller machines (ATM).

The ATM card provided with your basic bank account, however, doesn’t offer payment options to pay goods in shops, over the phone or through the internet. Depending on your credit rating and bank policies, your issuing bank may give you a “Visa Electron” debit card or a “Solo” debit card. These cards allow you to pay for stuff you buy from shops and even online. The downside is that you could not spend more than the money available in your bank account. This way, you’re expenses are more budgeted because you would be limited as to the amount you could spend.