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Brits plump for basic bank accounts

28 November 2005
More and more Brits are taking out basic bank accounts, according to a new report.

The British Bankers' Association (BBA) found Brits who do not qualify for a standard bank account - which offers facilities such as a debit card, cheque book and direct debit - have opened 138,000 more basic bank accounts this year.

Many people said they liked the bank accounts since they had no overdraft facility so could not get into debt.

"Recent research commissioned by the British Bankers' Association shows that over 90 per cent of basic bank account holders are confident that the account meets their needs," said Ian Mullen, chief executive of the BBA.

"The research also showed that people like the fact that they cannot get into debt on the account," he added.

In total, almost six million Brits use basic bank accounts.

To read more about Current Accounts, click here.

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