Where to find guaranteed bank accounts with no credit check
Guaranteed acceptance current accounts
Do you need to have access to a bank account, but have been unable to obtain one due to a bad credit history? Almost everyone these days needs a bank account of some kind to manage payments, and it is hard to manage bills, payments and rent when you don't have an account. If you feel as if your bad credit history is holding you back, and is preventing you from handling your money like everyone else, then you might want to consider using a guaranteed bank account, where no credit checks are performed, and it is almost certain that you will get some kind of account from a bank.
What is a guaranteed bank account?
If you need to have an account, and have been turned down before, then the guaranteed bank account can be your answer. In this type of account, what is guaranteed is acceptance: you are almost certain to be accepted if you apply for one of these accounts, and you are not putting your credit history at risk by asking, since there is no credit check. It is important to remember that you are almost certain to get an account, since there are no absolute guarantees about anything. If you are not able to establish your identity (for example through the electoral roll) then you are not likely to be accepted even with a guaranteed bank account. However, even if the end result of your application is a refusal, it should not hurt your credit rating, unlike applications for current accounts, loans or credit cards.
Who offers these accounts?
If you need to have a guaranteed bank account, then you are probably not going to be accepted by the major high street banks. Instead, you have to adapt yourself by looking in other places for your bank account. There are several groups who will provide you with an account regardless of your previous credit history, and the fact that you are not able to get a standard account. For example, the CardOne account guarantees acceptance, and offers no credit checks, as does the Think Money account. There are still conditions which you need to fulfil, such as being 18 and a UK passport holder, but as long as you can manage this, you should be eligible for a guaranteed current account.
What do I get?
What is included with these types of guaranteed accounts?
The reason why many people with bad credit choose to have guaranteed bank accounts is that they allow them to carry out transactions as though they had a standard current account. With one of these guaranteed accounts, you can get a prepaid card, which performs the same roles as a standard debit card. You also get a clear sort code and account number which allows you to accept wages, to create direct debit payments for phone, utilities and tax bills. You can also get help and advice in managing your money.
With all of these accounts, there are some downsides. For example, you may have to pay a monthly fee to get the account, up to £15 a month. If you are struggling to pay off debts, or have a CCJ, then you may find that you don't have much left for additional expenses. You will also have no overdraft facility, so if you misjudge the amount that you are paying by even a few pence, the whole direct debit could be rejected. You need to be able to calculate everything to the last penny with a guaranteed account.