Basic Bank Accounts
New basic fee-free bank accounts to help millions manage their money
For the first time, basic bank accounts will be truly fee-free, helping people to manage their money without fear of running up an overdraft.
1 in 5 Brits have fallen into unauthorised overdraft in the past 3 months
One in five people with a current or basic bank account in the UK, the equivalent of 13.7 million people, has been charged by their bank for entering an unauthorised overdraft in the last three months.
Confusion reigns about 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.
Banks need to do more to reassure basic bank account customers
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:
Co-operative Bank reviews basic bank account
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.
Bankrupts to get better financial access
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 start of the end of 'free banking'?
The Guardian recently reported that 'free' basic bank accounts could soon come with charges for ATM withdrawals.
Barclays leads the way by providing bank accounts to prisoners
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.
1000th prisoner banks on a fresh start
A pioneering scheme to provide bank accounts for prisoners has reached the 1,000 milestone at HMP Forest Bank, Greater Manchester.
Bank accounts help to reduce prisoner re-offending rates
The Co-operative Bank's pioneering accounts for prisoners scheme has helped reduce re-offending rates by around a third, according to new research.
Basic bank accounts and financial inclusion
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.
Basic bank accounts and financial inclusion - final quarter of 2008
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.
Banks providing wider access to basic accounts
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.
Banks' commitment to financial inclusion continues
The BBA continues to highlight the banking sector’s commitment to increasing the number of consumers being provided with access to the financial system.