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This comparison simply includes all savings accounts.

Chip
Instant Access Account Chip
Min deposit £1
Term Instant Access
Interest AER 4.84%

Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.

Yorkshire Building Society
Easy Access Saver Yorkshire Building Society
Min deposit £1
Term Instant Access
Interest AER 4.80%

Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older

Post Office
Online Saver Account Post Office
Min deposit £1
Term Instant Access
Interest AER 4.75%

Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 4.75%

Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 4.70%

Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

RCI Bank
E-Volve 14 Day Notice Account RCI Bank
Min deposit £1000
Term 14 Day Notice
Interest AER 4.80%

Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Investec Savings
90 Day Notice Account Investec Savings
Min deposit £5000
Term 90 Day Notice
Interest AER 5.25%

Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 9 Months
Interest AER 5.05%

Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 1 Year
Interest AER 5.11%

Why we like it: 1 year term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 18 Months
Interest AER 4.65%

Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 2 Years
Interest AER 5.05%

Why we like it: MARKET LEADING 2 YEAR FIXED RATE BOND. Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 3 Years
Interest AER 4.70%

Why we like it: MARKET LEADING 3 YEAR FIXED RATE BOND. Which? Recommended Savings Provider. Save from £1,000 to £250,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

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Can you get a bank account if you have bad credit?

If you have a poor credit history, you may be left wondering if it will be possible to open a current account. Thankfully, there are options available to you even if you are struggling with bad credit. No matter how bad your credit history is, you should be able to open at least a basic bank account that lets you store and manage your money.

Will the bank run a credit check when I try to open an account?

Most banks do run credit checks when you apply for accounts with them. The reason for this is that many accounts come with overdraft facilities. If you apply for an account with an arranged overdraft, the bank will need to see if you are a suitable candidate for credit.

However, if you’re applying for a basic bank account with no credit facilities, it’s unlikely that a credit check will be run. This is because the bank won’t be lending you any money. Even if a check is run and a poor credit history is detected, you’ll normally be permitted to open a basic account. Unemployment shouldn’t usually stop you from opening a basic account either.

Why do I need a bank account?

Today, the vast majority of people get their wages paid into bank accounts. Contactless transactions are on the rise too, and you need a bank account to buy products and services without physical cash. You will normally need a bank account if you want to wish to purchase products and services online. Life without a bank account would be very challenging in 2021.

Are basic bank accounts widely available?

Most banks and credit unions in the UK offer basic accounts. You don’t normally need to pay a monthly fee to open a basic bank account, and you’ll be given a debit card so you can make purchases both online and offline. You’ll usually get access to online and mobile banking facilities too so you can manage your money, set up direct debits and check your balance.

Could my application be refused?

If your application for a basic bank account is refused, this won’t normally be due to bad credit. You’re more likely to be declined if you don’t have satisfactory ID including proof of address or if you fail a fraud check. Make sure the documents you use to open your account are valid and not out-of-date to gain approval.

What can I do with a basic bank account?

Though you can’t get an overdraft with a basic bank account, you can still use it to carry out many financial transactions. These include paying bills via direct debits and standing orders and buying products and services with your debit card. You can check your balance through online banking, at a cash machine and in a branch if the bank has a physical presence. You can also withdraw cash at post offices and cash machines.

Can a basic bank account improve my credit rating?

If you pay your bills on time and don’t miss direct debits, a basic account may help you build your credit score back up and gain access to more financial services. Keeping your contact details up to date with the bank can also help.




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