January 5, 2016
Nine High Street banks and building societies in the UK are to launch fee-free basic bank accounts from January 1 bringing an end to high charges and limited access to cash machines for those excluded from the mainstream banking system. Basic bank accounts are designed for users who don’t qualify for other types of current account because they have a poor credit history. They offer basic facilities for receiving money and settling bills, without overdraft facilities.
Barclays, The Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide Building Society, NatWest, RBS, Santander and TSB all launched new deals on January 1, 2016, following an arrangement with the Treasury back in December 2014.
The acco ...