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Fee free basic bank accounts

Fee free basic bank accounts

How do the fee-free accounts work?

The new accounts allow customers to do the following:

  • Have wages, benefits, state pension or tax credits paid directly into their accounts.
  • Pay in cheques for free.
  • Take money out at LINK ATMs.
  • Withdraw money at Post Office branches.
  • Pay bills by direct debit and make card payments, including online.
  • An unarranged overdraft won't be available.

Which banks currently offer fee-free accounts?

  • Barclays – Barclays Basic Current Account
  • The Co-operative Bank – Cashminder
  • HSBC – Basic Bank Account
  • Lloyds Banking Group (Bank of Scotland, Halifax and Lloyds) – Basic Account
  • National Australia Bank Group (including Clydesdale Bank and Yorkshire Bank) – Readycash Account
  • Nationwide – FlexBasic RBS Group (NatWest, Royal Bank of Scotland and Ulster Bank) – Foundation Account and Basic Account (England and Wales)
  • Santander – Basic Current Account
  • TSB – Cash Account

I already have a basic bank account does this mean it is now fee free?

If you already hold a basic bank account, you should contact your bank or building society to see whether you'll still be charged if a direct debit or standing order fails.

For more information on basic bank accounts and other available accounts check the Money Advice Service Website or call them on 0300 500 5000.

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