The global banking institution HSBC offers a basic personal bank account to UK resident individuals that now comes with a Visa Debit Card as standard. It is aimed at those who have either some bad credit history or just want an account to pay in benefits or wages, for example.
You must apply for a standard current account initially and if refused you may be offered the basic account.
What HSBC offers:
- A basic personal account for those resident in the UK.
- Most bad credit is acceptable.
- Visa Debit Card now issued.
- Withdraw up to £300 per day cash using the debit card (and PIN) from any UK ATM or Post Office. Some ATMs may charge a withdrawal fee. It should also be noted that withdrawals can only be made if there are sufficient funds available in the account.
- Deposit cash at Post Offices, HSBC self-service ‘paying-in machines’ and HSBC branches.
- Pay in cheques at Post Offices, HSBC self-service ‘paying-in machines’ and HSBC branches.
- Standing Orders and Direct Debits. These can also be managed at Express Bank machines.
- Internet banking and telephone banking services.
- Online/paper statements.
- £10 buffer zone. No charges if you go overdrawn by up to £10.
- The account has no charges or fees (monthly or otherwise) when run responsibly.
- No cheque book is provided and no overdrafts are available.
- Cannot withdraw cash at branch counters.
- Although not specified in their Terms & Conditions there could be the possibility that a ‘return fee’ is payable should payment of a Direct Debit or Standing Order be refused because of insufficient funds. A 3 strikes and you’re out rule could also be applied meaning that if there are 3 failed payments there could be the possibility that the account is closed.
- No CIFAS fraud flags are allowed.
- No undischarged bankrupts.
Proof of ID and address is required. The account is available to UK resident individuals only (no businesses) and applicants must be over 18.
Credit balances do not accrue interest.
Some of the fees for this HSBC basic account include:
Bank draft £20 each.
Special presentation of a cheque £15.
Negotiation of a foreign currency cheque (except Euros) £6-£60.
Collection of a foreign currency cheque (except Euros) £28.
The only ‘Return Fees’ we can find are: Up to £10 No charge. Up to £25 £10 per item. Above £25 £25 per item and although we don’t think these refer to the basic account we cannot find any specific numbers regarding this basic bank account.
Click on button below to go to HSBC Basic Bank Account page.