Compare Basic Bank Accounts Open a Basic Account Online
Compare Basic Bank Accounts: Open a Basic Account Online Current Accounts Basic Current Accounts
Rate 24.99% - 39.90% Minimum Monthly Credit None See Deal + More info Product Features Free app-based UK current account and Euro IBAN account Send and receive money in 30+ currencies with no hidden fees From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut Eligibility / Restrictions Must be 18 years or older No cash or cheque facilities on this account Offer Sign up and get a free £10 top-up Make your first card payment to receive £10 credited to your account and 1 month of Revolut Premium for free. Offer available until December 31st 2022. Representative Example: 0% interest up to £50. If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 35% EAR (variable). Representative APR 35% (variable)
Rate 19.9% Minimum Monthly Credit None See Deal + More info Product Features 2.02% AER/2.00% Gross (variable) interest on balances up to £1,000 Linked saver paying 2.02% AER/2.00% Gross interest on balances up to £25,000 and 1.51% AER/1.50% Gross on balances over £25,000. Rates are variable. Fee free worldwide spending on your card or withdrawing cash when you're abroad Cashback and exclusive rewards available via app Eligibility / Restrictions Must be over 18 Must be a UK resident Representative Example: If you use an arranged overdraft for £1,200 you will be charged 19.9% AER Representative/EAR variable. Subject to financial status.
Rate 15.0% Minimum Monthly Credit None See Deal + More info Product Features Speedy set up in minutes. No paperwork, monthly fees or branch visits 24/7 support via phone, email or in-app chat Save smarter with Goals, the digital change jar to put money away for the stuff you need Eligibility / Restrictions Must be a UK resident Cash deposit facilities via Post Office branches Cheque deposit facilities via app or post Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 15 % EAR (variable). Representative APR 15% (variable).
Rate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £60 annually, on-going £5 Cashback every month, with 30 debit card payments per calendar month* Zero TSB card charges abroad. ATM operators/foreign banks may charge & sellers may apply a currency conversion fee on purchases Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Eligibility / Restrictions *Eligible for Cashback, if you open a new Spend & Save Plus account, including changing from an existing TSB account (Direct Debits and withdrawals not included) Up to £100 interest-free arranged overdraft available subject to status UK residents, 18+ only Representative Example: If you use an arranged overdraft of £1,200, you’ll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 40.1% (variable).
Rate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £30 cashback: £5 per month for 6 months, with 30 debit card payments per calendar month* Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Access to a Monthly Saver paying 3.00% Gross/AER fixed for a year. Save £25 to £250 per month by standing order from your TSB current account. Interest is paid on maturity. Eligibility / Restrictions *Eligible for Cashback if you open a new Spend & Save account, including changing from an existing TSB current account, other than from a Classic. Direct debits and withdrawals not included. UK residents only, 18+ Assumed arranged overdraft of £1200: 39.9% APR representative variable. Subject to application, approval & repayable on demand Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 39.9% (variable).
Rate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Free and instant Monese-to-Monese payments No credit check when opening an account Eligibility / Restrictions £1.50 UK ATM withdrawals; Overseas transaction fee - 2.5% fee (additional 1% fee on weekends) Cash deposit facilities via Post Office and PayPoint (3.5% fee) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Rate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Accident, sickness, involuntary unemployment protection and purchase protection included No credit check when opening an account Eligibility / Restrictions £500 free monthly UK ATM withdrawals (£1.50 thereafter); Overseas transaction fee - from 0.5% Cash deposit facilities via Post Office and PayPoint (£400 free monthly; 3.5% fee thereafter) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Rate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Accident, sickness, involuntary unemployment protection, purchase protection and VIP customer support included No credit check when opening an account Eligibility / Restrictions £1,500 free monthly UK ATM withdrawals (£1.50 thereafter); Overseas transaction fee - free Cash deposit facilities via Post Office and PayPoint (£1,000 free monthly; 3.5% fee thereafter) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Rate 39.94% Minimum Monthly Credit £500 See Deal + More info Product Features Earn up to 3% cashback every month on selected Household bills paid by Direct Debit, capped at £5 for each cashback tier each month Manage your account online or via mobile app Get access to a range of 123 offers Eligibility / Restrictions To be eligible for cashback you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently There is a £2 monthly fee for maintaining the account that will automatically be taken from your account each month Log onto Online or Mobile Banking at least once every 3 months. You accept that this is a paper-free account, so documents, statements and some letters will be sent to your secure inbox in Online Banking Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.94% EAR (variable). Representative APR 39.94% (variable).
Rate No overdraft Minimum Monthly Credit None See Deal + More info Product Features No credit checks - open to everyone with guaranteed acceptance (subject to proper identification) No charges for bounced Direct Debits or Standing Orders Earn up to 3.5% cashback at selected retailers. Eligibility / Restrictions £1.50 UK ATM withdrawals; 2.75% overseas transaction fee; £3 plus 2.75% overseas ATM withdrawal fee Pay in cash at Post Office branches; pay in cheques at Barclays branches Must be a UK Resident and 18 years or over No credit facilities on this account Please note: Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.
Compare Basic Current Accounts
Basic current accounts are 'no-frills' products that only provide everyday banking services Use our quick and easy comparison tool to compare basic bank accounts available from high street banks and internet providers Compare up-to-date information on account features to find your ideal account PromotionSign up to Revolut and get a £10 top-up*
Free app-based UK current account and Euro IBAN account Send and receive money in 30+ currencies with no hidden fees From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut Find out more *Make your first virtual or physical payment with a Revolut card and £10 will be credited to your Revolut account. Show more If you’re not able to open a standard current account – maybe you’ve been through bankruptcy or insolvency, have an outstanding county court judgement, or a bad credit history – a basic bank account could be a good option for you while you repair your credit score or get back on your financial feet. Basic bank accounts are fee-free for day to day banking and offer a stripped-down, back-to-basics service. This broadly amounts to paying money in, taking money out, and setting up regular payments. Basic accounts don’t offer their customers any form of credit. As such, banks can’t make money from them, so they don’t tend to be advertised. In fact, you may only discover they exist if you apply for a standard current account and get turned down. However, it’s helpful to know that you do have the right to ask and apply for a basic bank account, without going through the application process for a current account first. And by law, the biggest banking groups in the UK now have to offer basic accounts. » MORE: How to rebuild your credit historyWhat brings you here today
I’m ready to compare If you know what you want, we can help you compare products from some of the UK’s top providers. Compare now I’m here to learn Want to find out more? Check out our handy guide for more information and to learn about your options. Learn more Ready to compare? Compare current account options Compare now Information written by Hannah Harper Last updated on 20 May 2022.What is a basic bank account
A basic bank account is also known as a basic current account, a cash account, or a foundation account. It’s a type of current account created specifically for people who have found it hard to get approval for a standard current account. A basic bank account is fee-free and allows you to pay money in and take it out, set up regular outgoing payments, and withdraw cash from a cash point using a debit card.How to open a basic bank account
There are usually several ways you can open a basic bank account – online, over the phone, in person, or by post. You should also be prepared to show proof of identity and address. Check with your bank which documents they need to confirm your identity and address, as different providers may ask for different documents.Who can get a basic bank account
To open a basic bank account, you usually need to be at least 16 years old, and this may rise to 18, depending on the bank. You typically also need to not qualify for a standard current account. This could be because you have poor or bad credit, or a difficult financial history – for example, maybe you’ve experienced bankruptcy or insolvency.Advantages of a basic current account
No fees to pay on day to day banking Can be opened even if you have no money to put in it yet Pay in money owed to you such as salary or wages, benefits and tax credits. Set up Direct Debits for bills and other recurring payments Take out money from cash points, as well as pay in cash or chequesDisadvantages of a basic current account
No option for an overdraft or a cheque book No option to earn interest or cashback on your spending You might be charged if a Direct Debit bounces – not by your bank, but by the company that’s owed the payment.How to choose the best basic bank account
When you’re on the hunt for the best basic bank account, a comparison table like NerdWallet’s can really help. You’ll be able to see at a glance how the banks stack up against each other. Think about whether you’d prefer to bank online, or visit a local branch – this may affect your decision. Keep in mind that most basic bank accounts are fee-free, but don’t offer overdrafts. If you’re considering applying for a basic bank account with a bank you already have another account with, think – do you owe money on this other account, maybe via an overdraft or other charge? If so, check whether they’d be allowed to take money from your basic account to cover your debt on the other account. If yes, it might be wise to choose a different provider for your fee-free bank account.What are some alternatives to a basic bank account
If you’re looking for alternatives to a basic bank account, here are a few to consider.Fintech online banks
These often offer completely smartphone-app-based accounts, and tend to only carry out ‘soft’ searches on your credit history, which won’t affect your record. Providers include Monzo, Monese, and U Account, and there are others, too.Credit unions
Alongside member lending services, some credit unions also provide basic banking services, with no credit check necessary. The best known of these is an account called Engage. Keep in mind, you have to be a member of a credit union before you can apply for it.Post office card accounts
These only accept pension and benefit payments, and you can get one set up by getting in touch with the government department that pays your pension or benefits. Bear in mind these accounts will no longer be available from November 2021, so they don’t offer a long-term solution.Basic Current Account FAQs
How to upgrade a basic bank account If you already have a basic bank account, and your financial circumstances have improved since you opened it, you may be able to upgrade to a standard current account. You’ll need to check with your bank how to go about doing this – some may ask you to get in touch with them to discuss it, while others may direct you to an online eligibility checker first to do a ‘soft search’ on your current financial situation. Can you be refused a basic bank account? Yes, in some situations you may be refused a basic bank account – for example, if you can’t offer your bank proof of identity or address, or if you don’t consent to a credit check. Other reasons include being eligible for a standard current account, or if your bank suspects you want the account for fraudulent activity. Do you need a credit check to open a basic bank account? It depends on the bank, but it’s good to show that you’re willing if your bank does want to run a credit check on you. It’s a way for them to better understand your situation, and it doesn’t matter if you fail the check. A basic bank account isn’t offering you any credit, so failing a credit check shouldn’t affect your likelihood of being approved for the account. Does applying for a basic bank account affect my credit score? No, it shouldn’t do, because you aren’t applying for credit – basic bank accounts don’t provide credit to their customers. However, if your bank does plan to run a credit check on you, ask whether it’s a soft search. A hard search may affect your score, and a soft search shouldn’t leave a trace. You may decide to apply to other banks if you aren’t happy with how yours does things. » MORE: How to improve your credit score Can I have two basic bank accounts? Yes, you should be able to – but double-check with your existing basic bank account provider, to make sure it won’t cause problems if you want to open another one. Can I switch my basic bank account to another? Yes, you can. We reached out to the Current Account Switching Service and they confirmed: ‘As per our service definition, a fee-free basic account is classified as a UK current account and is within the scope of the Current Account Switching Service.’ Can I open a joint basic bank account? Yes, if you and the person you want to open one with both qualify for a basic bank account. Could my basic bank account be closed? Yes. Like any bank account, your basic account could be closed if you don’t stick to its terms and conditions, give inaccurate or false information when opening it, or use it for fraudulent activity. It may also be closed if your circumstances improve and you become eligible for a standard current account. Then you may have to upgrade your account. About the author: Hannah has been writing about money since 2013. Formerly a copywriter for Virgin Money, covering credit cards, mortgages, pensions, and more, she now writes on personal finance for NerdWallet UK. Read moreCompare Current Accounts
What type of current account are you looking for? Basic High Interest Overdrafts Packaged Bad Credit 10 products foundRevolut Current Account - Standard Plan
Monthly Fee Free Interest Rate 0.15% Arranged OverdraftRate 24.99% - 39.90% Minimum Monthly Credit None See Deal + More info Product Features Free app-based UK current account and Euro IBAN account Send and receive money in 30+ currencies with no hidden fees From restaurant tabs to rent, split bills with anyone, even if they’re not on Revolut Eligibility / Restrictions Must be 18 years or older No cash or cheque facilities on this account Offer Sign up and get a free £10 top-up Make your first card payment to receive £10 credited to your account and 1 month of Revolut Premium for free. Offer available until December 31st 2022. Representative Example: 0% interest up to £50. If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 35% EAR (variable). Representative APR 35% (variable)
Virgin Money M Plus Account
Monthly Fee Free Interest Rate 2.02% Arranged OverdraftRate 19.9% Minimum Monthly Credit None See Deal + More info Product Features 2.02% AER/2.00% Gross (variable) interest on balances up to £1,000 Linked saver paying 2.02% AER/2.00% Gross interest on balances up to £25,000 and 1.51% AER/1.50% Gross on balances over £25,000. Rates are variable. Fee free worldwide spending on your card or withdrawing cash when you're abroad Cashback and exclusive rewards available via app Eligibility / Restrictions Must be over 18 Must be a UK resident Representative Example: If you use an arranged overdraft for £1,200 you will be charged 19.9% AER Representative/EAR variable. Subject to financial status.
Starling Bank Personal Current Account
Monthly Fee Free Interest Rate 0.05% Arranged OverdraftRate 15.0% Minimum Monthly Credit None See Deal + More info Product Features Speedy set up in minutes. No paperwork, monthly fees or branch visits 24/7 support via phone, email or in-app chat Save smarter with Goals, the digital change jar to put money away for the stuff you need Eligibility / Restrictions Must be a UK resident Cash deposit facilities via Post Office branches Cheque deposit facilities via app or post Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 15 % EAR (variable). Representative APR 15% (variable).
TSB Spend & Save Plus Account
Monthly Fee £3 Interest Rate 0% Arranged OverdraftRate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £60 annually, on-going £5 Cashback every month, with 30 debit card payments per calendar month* Zero TSB card charges abroad. ATM operators/foreign banks may charge & sellers may apply a currency conversion fee on purchases Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Eligibility / Restrictions *Eligible for Cashback, if you open a new Spend & Save Plus account, including changing from an existing TSB account (Direct Debits and withdrawals not included) Up to £100 interest-free arranged overdraft available subject to status UK residents, 18+ only Representative Example: If you use an arranged overdraft of £1,200, you’ll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 40.1% (variable).
TSB Spend & Save Account
Monthly Fee Free Interest Rate 0% Arranged OverdraftRate 39.9% Minimum Monthly Credit None See Deal + More info Product Features Earn up to £30 cashback: £5 per month for 6 months, with 30 debit card payments per calendar month* Get 1.51% Gross/1.52% AER variable interest on balances up to £25k across 5 Savings Pots. Includes fixed introductory bonus of 1.12% AER for the first 12 months. After 12 months variable interest without bonus will apply. Interest paid monthly. Access to a Monthly Saver paying 3.00% Gross/AER fixed for a year. Save £25 to £250 per month by standing order from your TSB current account. Interest is paid on maturity. Eligibility / Restrictions *Eligible for Cashback if you open a new Spend & Save account, including changing from an existing TSB current account, other than from a Classic. Direct debits and withdrawals not included. UK residents only, 18+ Assumed arranged overdraft of £1200: 39.9% APR representative variable. Subject to application, approval & repayable on demand Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.9% EAR (variable). Representative APR 39.9% (variable).
Monese Starter Account
Monthly Fee Free Interest Rate 0% Arranged OverdraftRate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Free and instant Monese-to-Monese payments No credit check when opening an account Eligibility / Restrictions £1.50 UK ATM withdrawals; Overseas transaction fee - 2.5% fee (additional 1% fee on weekends) Cash deposit facilities via Post Office and PayPoint (3.5% fee) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Monese Classic Account
Monthly Fee £5.95 Interest Rate 0% Arranged OverdraftRate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Accident, sickness, involuntary unemployment protection and purchase protection included No credit check when opening an account Eligibility / Restrictions £500 free monthly UK ATM withdrawals (£1.50 thereafter); Overseas transaction fee - from 0.5% Cash deposit facilities via Post Office and PayPoint (£400 free monthly; 3.5% fee thereafter) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Monese Premium Account
Monthly Fee £14.95 Interest Rate 0% Arranged OverdraftRate No overdraft Minimum Monthly Credit None See Deal + More info Product Features Multi-currency accounts in GBP, EUR and RON (fees apply) Accident, sickness, involuntary unemployment protection, purchase protection and VIP customer support included No credit check when opening an account Eligibility / Restrictions £1,500 free monthly UK ATM withdrawals (£1.50 thereafter); Overseas transaction fee - free Cash deposit facilities via Post Office and PayPoint (£1,000 free monthly; 3.5% fee thereafter) Offer Get up to a £20 bonus with offer code NERDWALLET Open to new Monese customers (GBP, EUR and RON accounts) until 31/12/22. Sign up using the invite code NERDWALLET within your app. A £5/€5/30lei bonus will be deposited into your account once you make your first qualifying physical card transaction. Second bonus of £15/€15/80lei will be deposited into your account once you have spent £500/€500/2,000lei since physical card activation. No credit facilities on this account
Santander 123 Lite Current Account
Monthly Fee £2 Interest Rate 0% Arranged OverdraftRate 39.94% Minimum Monthly Credit £500 See Deal + More info Product Features Earn up to 3% cashback every month on selected Household bills paid by Direct Debit, capped at £5 for each cashback tier each month Manage your account online or via mobile app Get access to a range of 123 offers Eligibility / Restrictions To be eligible for cashback you must pay a minimum of £500 into your account each month; have 2 active Direct Debits and be over 18 years and live in the UK permanently There is a £2 monthly fee for maintaining the account that will automatically be taken from your account each month Log onto Online or Mobile Banking at least once every 3 months. You accept that this is a paper-free account, so documents, statements and some letters will be sent to your secure inbox in Online Banking Representative Example: If you use an arranged overdraft of £1,200, you'll be charged the equivalent annual rate of 39.94% EAR (variable). Representative APR 39.94% (variable).
Card One Money Account
Monthly Fee £12.50 Interest Rate 0% Arranged OverdraftRate No overdraft Minimum Monthly Credit None See Deal + More info Product Features No credit checks - open to everyone with guaranteed acceptance (subject to proper identification) No charges for bounced Direct Debits or Standing Orders Earn up to 3.5% cashback at selected retailers. Eligibility / Restrictions £1.50 UK ATM withdrawals; 2.75% overseas transaction fee; £3 plus 2.75% overseas ATM withdrawal fee Pay in cash at Post Office branches; pay in cheques at Barclays branches Must be a UK Resident and 18 years or over No credit facilities on this account Please note: Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. You can use the options above the table to order it according to various criteria.