Current Accounts for the Unemployed
Compare Current Account Deals
If you are unemployed and you want to open a current account you may find that you are limited as to the type of account you are legally allowed to open. To open some types of current account you are required to provide a regular income - usually on a monthly basis at a minimum specified level. It is unlikely that you will be able to open a current account with bonus features, such as:
- Interest-free overdrafts
- High interest rates
You will be able to open a standard current account and receive a debit card, with telephone and online banking services. You will also be able to set up direct debits and standing orders if you need to. If you wish to use your debit card while abroad you should specifically ask for a VISA type card, rather than SOLO, Maestro or Cirrus.
Even though your options may be more limited, comparing different current account deals is still the best way to make sure your needs are adequately catered for.
|Provider||Account||Set Up Fee||Fee per month||Features||Apply|
|CardOneBanking Managed Account||£12.50||No credit checks.** Prepaid MasterCard. No account opening fee.||More Info >|
Cardonebanking Current Account
|ClearCash Account||£4.95||£9.95||No credit checks**. Prepaid MasterCard. Credit Building facility.||More Info >|
ClearCash Current Account
|CashPlus Prepaid MasterCard Deluxe||£4.95||£9.95||No credit checks.** Up to 20 free payments and standing orders a month. Prepaid MasterCard.||More Info >|
CashPlus Prepaid MasterCard (Deluxe)
**See Terms and Conditions
If you are claiming or have applied for jobseekers’ allowance you will need to open a current account to receive your benefits. You must, however, prove to the job centre that you are looking for employment; else you may lose your entitlement to jobseekers’ allowance.
Opening a current account may well be the first step you make towards finding employment. It is important to recognise the importance in having a current account because your prospective employer may require your bank details to pay you.
Compare Current Accounts
You should always compare a range of current accounts from a variety of banks and building societies before you open any current account. It is wise to be sure of your choice prior to agreeing to a bank or building society’s terms and conditions. If you do change your mind, it is easy to switch but this process can take up to ten days.
You should use our comparison tables to find a banking organisation that offers you the type of account that meets your personal needs.