The Co-operative Bank offers a basic personal UK bank account which comes with a Visa debit card as standard. It is aimed at those who may have previous bad credit and who may not be eligible for their other accounts. Up until quite recently it was available to undischarged bankrupts, but alas no longer. These are the reasons given. Applicants must also be UK resident individuals and be aged at least 16 years old.
What The Co-operative Bank offers:
- A basic personal account for those resident in the UK.
- Suitable for those with bad credit including IVAs.
- Branches throughout the UK including branches of the Co-operative Bank owned former Building Society Britannia. It has been announced that the Britannia brand name will disappear by the end of 2013.
- Minimum opening and operating balance of just £1.
- Visa debit card (used to be Visa Electron).
- Direct debits and Standing Orders.
- Internet, telephone and branch (incl. Britannia) banking.
- Deposit cash/cheques and obtain balance enquiries over the counter at any branch.
- Deposit cash/cheques, withdraw cash and obtain balance enquiries at Post Offices free of charge.
- Withdraw cash from any branch and from most ATMs displaying the LINK symbol free of charge. Withdrawals from VISA/PLUS ONLY ATMs will incur a fee.
- Regular statements.
- The account has no charges (or monthly subscription fees) when run properly.
- No overdrafts are available and there is no cheque book.
- No CIFAS fraud flags are allowed.
- No undischarged bankrupts although up until recently they were the only high street banking institution other than Barclays to accept those undischarged from bankruptcy.
- An ‘unpaid item fee’ is applicable for failed Direct Debits or Standing Orders. It seems that there could possibly be a 3 strikes and you’re out rule regarding this. If there are 3 failed payments (including a failed debit payment on the debit card) then there is a possibility that the account could be closed.
Proof of ID and address is required as usual.
There is no interest paid on the account.
Some of the fees for this Co-operative Bank basic account include:
Unpaid item fee £15 (max. £150 per quarter).
CHAPS transfer £25.
Banker’s draft £10.
Special presentation of a cheque £10.
Click on button below to go to Co-operative Bank Cashminder account page.