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Safe Bank Account

Not only in the United Kingdom but also in every country, everyone should have a bank account. The ownership will depend solely upon your financial condition. But, a safe bank account is very much necessary. Here, a safe bank account doesn’t mean protection against potential threats. So, let’s get to know more about what is a safe bank account.

When you are having debts, you need to repay them by any means. The term Safe Bank Account means when your salary or wages are deposited in your bank account, the creditors won’t be able to deduct most of the money from it. If this happens, then the bank account is safe. Else, the bank account is not safe. 

Circumstances for Opening a Safe Bank Account

After applying for a safe bank account, the bank authority will check your previous accounts. If you are eligible, then only the activation of the safe bank account will be successful. While opening the current account, if you are least interested in getting into any kind of debts, then ask them to allow you to avail of their overdraft facility. 

If this doesn’t happen, then the bank will start charging interest on the account. As per the experts, the process of overdraft is also applicable to the repayment of debts. So, your bank account is not safe. 

The Switching of Accounts 

In the United Kingdom, most banks promise their customers that they can switch their accounts anytime they want. If this is the case, then before opening a safe bank account, the bank must allow you to open a basic account. 

Opening a Basic Bank Account

No qualifying for the current account isn’t a big deal. This might happen when you are in debts and have missed any instalment payments. In such cases, the bank will offer you to open a basic bank account. And, the basic bank account will act as a safe bank account.

The Eligibility Criteria

You need to be at least 16 years old to open a basic bank account. As the opening is free of cost, you will need a little amount of money to deposit into the account. On the contrary, there are some banks that have a minimum age requirement of 18 years. In such cases, you have to attend your adulthood to open the account. 

It is not at all mandatory to have a good credit history. No matter how good or bad credit history you have, there will be no barriers to opening an account. In the case of the presence of debts, bankruptcy or any other complications, it’s the golden opportunity for you to improve the credit score. 

Your identity and address proof is mandatory for the opening process. Including that, your photos-identity proof is also required. Without it, the people who are working at the bank will not be able to deal with you. If necessary, opening a joint account is also possible in this case. 

How can you apply for it?

There are several modes of application that are easily available to open a free basic account. If you are busy with urgent work, then the process of online banking or over the phone is easily possible. Apart from that, you can fill-up the form and send it with all the necessary documents attached to it. On the other hand, you can also bundle up the entire matter and send it via post. 

The Advantages 

The main advantage of opening a basic bank account is that no extra fees are required. Moreover, the basic one doesn’t allow the facility of bank overdraft. Therefore, you don’t have to give any type of interest. 

Banks Offering the Basic Bank Accounts 

From the year 2016, there are a lot of banks in the United Kingdom who are still offering people to open a fee-free basic account and they are like Barclays, Royal Bank of Scotland, which also includes Natwest, Lloyds, Co-operative bank, Yorkshire Bank and many more. 

What can you do with the Basic Bank Account?

The features of the basic account are much lesser than that of a current account. As the basic one is important, it can easily work just the same as a safe account. Here are certain activities that you can do with the free basic account. All the details are given below:

  • Establishing the direct debits along with several standing orders.
  • Try to use your debit card for any type of purchases or drawing out money.
  • Always tell your professional organization to deposit the monthly salary into the basic account.
  • Try to check the remaining balance from the ATM machine or via Internet banking.
  • Enjoy several types of benefits on your income and expenditure.
  • Able to use any ATM machine with ease.
  • You can easily use direct debit and standing order to pay any type of bills.

In the case of facing any issues, the requisite experts are always ready to help you out.

Which banks offer free Basic Accounts?

Barclays, Santander, NatWest, Ulster Bank belong to Northern Ireland and many offer free basic accounts to their customers. Apart from that, there are also some other banks like the Royal Bank of Scotland, HSBC, Co-operative bank, TSB, Nationwide. 

What can be the Alternative Documents?

Your passport, driving licence can be the alternative identity proof. As per the address, the proof is being concerned, the GP letter from your landlord, minister of religion, care, home manager, warden of sheltered accommodation and others will do the perfect job. 

These alternative documents will be mandatory if you are a student from any other country, a worker who just migrated from a different country, a refugee, a prisoner, or was a patient in an asylum but now fit, and on probation. 

If you are not sure what documents you have to take along, gather all of them and carry them with you. In doing so, you will never face any issues while dealing with the bank representative to open the account.

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