A Guide to Free Bank Accounts

When you fall into financial difficulty, you may need to change your bank account to protect any income you have coming in, and to ensure you keep up with your priority and household bills The reason for this is, that if you fall behind with payments on a loan, credit card etc. the bank can use the money in your account toward any of your arrears, charges and/or interest, if you have your current account with the same lender.

At MMT we recommend that you open another bank account with a separate bank you don’t have any current financial dealings with and there are many banks out there that you can open a Basic Bank account with.

What is a Basic Bank Account?

A Basic Bank Account, has the same facilities as your Current Account but you do not have access to an overdraft. Also, when opening a Basic Bank Account, many providers do not complete credit checks making this easier for people with a poor credit rating to open

Reasons to open a Basic Bank Account:

  • To protect your money and pay your priority, household bills and food
  • If you have a poor credit rating
  • No overdraft
  • No Charges on the account. If you have had problems in the past with Bank Charges on your Current Account while suffering financial hardship speak to us and we may be able to claim these back for you.
  • You will still have access to standard current account facilities such as a card to withdraw and use for purchases and be able to set up Direct Debits
Bank Account Name
Bank of Ireland Basic Bank Account
Bank of Scotland Basic Account
Barclays Barclays Basic Bank Account
Clydesdale Bank Readycash Account
Co-Operative Bank Cashminder
First Trust Bank Classic Account
Halifax Basic Account
HSBC Basic Bank Account
Lloyds Basic Account
Metro Bank Cash Account
Nationwide FlexBasic
Natwest Foundation Account
Post Office Control Account
Royal Bank of Scotland Foundation Account
Santander Basic Current Account
TSB Cash Account
Ulster Bank Foundation Account
Yorkshire Bank Ready cash Current Account
Virgin Money Essential Current Account

Please note: This list is not exhaustive and MMT has no affiliation with any of the above banks or recommends the accounts available. This is for information purposes only. For impartial advice on opening a Bank Account, contact the Money Advice Service