Fee-Free Bank Accounts

Posted on the 20th April 2016

Fee-Free bank accounts launched

Millions of bank customers across Britain stand to benefit as nine major banks launch fee-free basic bank accounts from 1 January 2016.

The accounts will be available to anyone who doesn’t already have a bank account, is ineligible for a standard current or who can’t use their existing account due to financial difficulty.

For the first time they will be truly fee-free, helping people to manage their money without fear of running up an overdraft.

The changes will remove the risk that basic bank account customers will be forced into overdraft.

The changes will remove the risk that basic bank account customers will be forced into overdraft because of these fees and charges.

Basic bank account will now also be offered services on the same terms as other personal current accounts that the banks provides, including access to all the standard over-the-counter services at bank branches and at the Post Office, and access to the entire ATM network.

The banks and building societies that have signed up to offer a basic bank account from 1 January 2016 and their corresponding bank account product are:

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