Banks back finance for everyone

Banks are leading the way in helping people join the financial mainstream the British Bankers Association said today as the government launched its financial inclusion action plan.

Partnership between banks and government is already achieving great results with new figures revealing a further 167,511 entry-level bank accounts were opened in the last quarter alone.

Basic bank accounts support financial inclusion by:

Providing entry-level bank accounts for people with no banking history
Upgrading accounts to give customers access to greater choice and more services
Helping people save in secure and well-regulated ways

BBA Chief Executive Angela Knight said: “Banks are working hard to ensure everyone has access to banking services and to help overcome any difficulties people new to banking may experience. The success of basic bank accounts is proof of the work banks are doing to help more people into the financial mainstream. Increasingly we are seeing people who start with the most basic of accounts step up to those with more services and greater choice.

“Banks are committed to helping people make sensible financial decisions and to plan for the future. One of the best ways this can be done is by offering access to savings products which offer both safety and a good return on their money.

“We understand that banks and banking can still be daunting for some people so we aim to help new customers by offering clear and friendly help and information to ensure everyone gets the financial service they need.”