Basic Bank Accounts
Although just over half (54%) of people in the UK say they've heard of basic bank accounts, confusion reigns about what they actually are.
Michael Ossei, personal finance expert at uSwitch.com, comments on the latest update from the Treasury Select Committee and its inquiry into access to cash machines for basic bank account customers:
In response to a lack of positive industry action on the issue of basic banking, The Co-operative Bank has announced a change to its basic bank account - Cashminder, for new customers.
The Government would like to see improved access to bank accounts for undischarged bankrupts. Proposals have been published asking for evidence about the effect bankruptcy has on the ability of individuals to access a bank account and inviting views on possible measures to improve access.
The Guardian recently reported that 'free' basic bank accounts could soon come with charges for ATM withdrawals.
Barclays, in partnership with UNLOCK, today furthers its commitment to the long-term financially excluded by extending its market-leading basic bank account to people nearing the end of a prison sentence, to help reintegrate them back into society.
A pioneering scheme to provide bank accounts for prisoners has reached the 1,000 milestone at HMP Forest Bank, Greater Manchester.
The Co-operative Bank's pioneering accounts for prisoners scheme has helped reduce re-offending rates by around a third, according to new research.
Figures from the BBA show that 145,000 post office-accessible accounts were opened in the first quarter of the year and 26,000 existing accounts upgraded.
Latest figures from the BBA show that another 142,000 post office accessible accounts were opened in the final quarter of last year and 19,000 existing accounts upgraded.
Welcoming the news that numbers of basic bank accounts had topped 7.4 million in the first half of this year, BBA Chief Executive Angela Knight said: "Banking services should be available to the widest possible range of people.
The BBA continues to highlight the banking sector’s commitment to increasing the number of consumers being provided with access to the financial system.