Basic bank accounts are easy to use accounts that have the basic features of a current account but you cannot have an overdraft or cheque book.
You can withdraw cash at the counter and at cash machines, and you may be able to set up Direct Debits. If you have been unable to open a current account, perhaps due to a poor credit history, you may be able to open a basic bank account.
Anyone can open a basic bank account. You just need to be able to show who you are and where you live by providing a form of identification like a passport, birth certificate, gas bill, electricity bill or rent statement. Basic bank accounts are available from most high street banks.
Saving & Borrowing
Merthyr Valleys Homes works closely with Merthyr Tydfil Credit Union to ensure our customers have access to savings and affordable credit. Credit Union members can save at an affordable level, be it £1 or £100. Small regular amounts soon add up. Visit them at 139 High Street, Merthyr Tydfil, CF47 8DN or look visit their website.
We also support Moneyline Cymru who may be able to assist you with a low cost loan and savings account. You can visit them at Picton House, Swan Street, Merthyr Tydfil, CF47 8EU or have a look at their website.
Why get a bank account?
You can access your money 24 hours a day, 7 days a week.
Wages, pension and benefit payments can be paid directly into the account.
You will receive discounts on utility bills if you pay by Direct Debit.
You will receive free automated transactions (e.g. Direct Debits and standing orders).
You will have a cash card for use at cash machines.
Many banks will give access to phone or internet banking