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Despite incredibly easy access to personal finance services, there are still three million adults in the UK right now who are entirely outside the banking structure and do not have access to a bank account.

A lot of of these people are unable to get a standard account since they have a poor credit score, because of past monetary difficulties, or simply a lack of positive financial history. Even though high street banks are keen to deal with folks with excellent credit ratings, they could be cautious with making credit facilities such as overdrafts available to folks with sub-prime ratings.

A new type of bank account was needed when the industry's government prompted a goal of raising monetary inclusion. That was when the Standard Bank Accounts had been born.

Basic bank accounts, also called starter accounts or introductory accounts, are a very easy type of account which provides little in the way of credit or even ways for account holders to get into debt. There's ordinarily no overdraft facility, no check book, no debit card. The accounts basically provide a way for cash to be paid over the counter, by electronic transfer, and withdrawn by money machine.

This lack of features indicates that there's little risk or cost involved for the banks, so their approval rates are significantly higher. In fact, about the only men and women who will have their applications rejected are undischarged bankrupts, or those having a history of fraud or very significant bad debt.

First of all, most accounts will allow you to set up direct debits to pay your bills, and this can save you money as many businesses will provide you with a discount if you pay in this way. So how can obtaining a basic bank account benefit you? Ask a financial services provider or fsp by checking out, "financial service provider".

Also, the government is heading towards paying all of the benefits and pensions direct into bank accounts as opposed to in the old way which was the Post Office counter. Standard bank accounts will let you receive money in this way.

Lastly, this kind of account could be a 'stepping stone' into other financial services, helping you to build up a much better credit rating and in the future to make the most of other services offered like overdrafts and debit or credit cards.

Ever since they were introduced, basic accounts have been really successful, and there have now been around 5 million accounts opened. The government and the banking industry say they're committed to increasing this figure much more over the next couple of years until each adult has some type of bank account. We can expect to hear a lot more about basic accounts in the not too distant future.

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