- Pay bills by Direct Debit or standing order
- Receive payments such as salary, wages or benefits
A basic bank account may be right for you if:
- You have a poor credit record or you’re on a low income
- You don’t need the extra things that a current account offers, for example an overdraft facility
- These accounts are sometimes called budgeting accounts or rent
accounts and are designed to help you budget. They let you divide your
money into different ‘pots’ or ‘jars’. You decide how much money goes
into each pot by working out how much you need for your bills and how
much is left over for spending or saving.
They also allow you to:
- Pay bills by Direct Debit or standing order
- Receive payments such as salary, wages or benefits.
One disadvantage of these accounts is that they charge a monthly fee.