Basic Bank Account | Bank Accounts For Bad Credit - HSBC UK (2024)

FAQs

What bank account can I open with bad credit in the UK? ›

Foundation bank accounts work like regular current accounts for the most part. They're just designed specifically for people with poor credit history.

Yes, you can still apply for a basic bank account, even if you've had financial difficulties in the past. You won't qualify if you already have a current account with us or another bank.

Paper or online statements. Adverse credit accepted. Undischarged bankrupts allowed. This basic account is one of only a few personal current accounts from high street banks that accepts undischarged bankrupts.

Your credit report is only concerned with your financial commitments, it will therefore not show savings accounts or current accounts without an overdraft.

This account can be opened in sole or joint names. Minimum/maximum balance: The minimum deposit in month 1 is £25. The maximum balance is £3,000 at the end of the 12 month term.

10,000 in your HSBC Bank savings account. In case of semi urban branch, Rs. 5,000 is needed to open a savings account along with a deposit of Rs. 2,500, whereas in rural branches, the minimum balance should be Rs.

You have to be: 18 or over to open a new HSBC Bank Account. 16 or over for a Basic Bank Account.

The bank running the check will see this in your report from ChexSystems and may deny you an account. So while bad credit won't directly lead to being denied for a checking or savings account, the behavior that leads to bad credit has a potential to do so.

Can I open a bank account with 500 credit score? ›

Let's start with the good news. Having a poor credit score will not prevent you from opening a bank account. Your credit score is taken from information on your credit reports, documents that track your history as a borrower, and are compiled by the three major credit bureaus: Experian, TransUnion, and Equifax.

Chime is an online-only fintech company that offers banking services through The Bancorp Bank, N.A. or Stride Bank, N.A. Its Second Chance Banking option boasts no monthly fees and no credit or ChexSystems check. Although it has no physical branches, you can deposit cash for free at Walgreens locations.

The top-rated UK banks for non-residents are Barclays, Lloyds Bank, Halifax, and Starling Bank. Each bank offers its own unique set of services. For instance, Lloyds Bank provides international money transfer services, such as international bank or savings accounts, for non-residents.

UK Bank Account for Non-Residents – Documents Needed

As a non-resident, opening a UK bank account will require a passport and drivers' license, but your bank may also request other documents, particularly one that shows your current address. Three months' worth of utility bills will be requested.

Your credit rating will determine the risk of lending money to you. A credit check is usually required for opening a current account with most banks in the UK. This is because there may be an overdraft facility available, which is another form of borrowing money.

Can you get a bank account after being blacklisted? You may open a “second chance” account, which is designed for those with a poor banking history. Alternatively, you could search for a bank that does not make decisions regarding customer accounts based on ChexSystems reports. Expired fees and debt must be repaid.

The credit-reference agencies we use are Experian, Equifax and TransUnion. If you're an existing customer, we may also look at the way you've managed your account or previous borrowing with us. If the overall credit score is high enough, we could give you the credit you've asked for.