There’s a possibility that your credit score is not perfect. You may have been late with payments or even made an individual voluntary arrangement (IVA) with your creditors.
It is possible to make opening a new current account more complex than needed, but this is only the case if you are still determining where to search.
We conducted some research, and we found out that it is possible to open a bank account with no credit check personal bank account.
This means that even if your credit score is low, opening a bank account won’t be a stressful experience for you.
If you are searching for a no credit check personal bank account, we have prepared a guide that will walk you through the process of creating a business account, even if you have bad credit or no credit.
Top 5 No Credit Check Personal Bank Account In The UK
#1. Suits Me
The application process for a Suits Me e-money account is a no credit check personal bank account that takes less than ten minutes, and once your application is approved, you will have quick access to a UK account number and sort code.
There is no necessity to worry about your credit score. All that is required of you is to authenticate your identity by snapping a selfie and a photo of your identification document.
As soon as your application is accepted, you will be sent an email confirming your account information. You will get your contactless Mastercard debit card within three to five business days.
There are three price options available, one of which is free, and you may select whichever works best for you. They may be handled online or via the mobile app, providing you access to a cashback reward program.
#2. ThinkMoney
The application process for this account may be completed quickly and easily using the ThinkMoney mobile app, provided the applicant is 18 years old and has resided in the United Kingdom for at least half of the calendar year.
No credit check bank account will be performed on you when you submit your application, and no minimum amount of money must be paid each month.
After your application has been reviewed and approved, a contactless debit card will be sent to you within three to five business days.
You may maintain the account online or using the app, but you can also pay at the Post Office with cash or checks. When you add funds to your account, the funds designated for recurring payments, such as bills, will be maintained in a separate account.
This is done to ensure that you can pay these payments on time. Your credit score will increase, and potential lenders will see you as more trustworthy if you do this. Consider that a monthly cost of £10 (or £15 for joint accounts) is associated with the account.
#3. Revolut
You may pick the price plan for your Revolut bank account that provides no credit check bank account.
Downloading the app and providing your phone number, email address, physical address, and date of birth are the only requirements for opening an account; the application process is quite simple.
After that, you’ll need to verify your identity using the app using a passport or an ID card.
Once that’s done, you’ll be good to go and able to use the service. Since the account has no overdraft, you need not be concerned about applying for credit.
Instead, the transaction must be denied if a purchase costs more than what is currently available in your account.
If your account balance drops below zero, you will get a notification and have up to seven working days to contribute funds before closing the account.
Users of the account can set up regular payments, withdraw cash from ATMs, make payments using contactless technology, and transfer money in 30 different currencies without incurring fees.
#4. Monzo
It is possible to create a no credit check personal bank account with Monzo without being required to undergo a comprehensive credit check, making it a viable choice for those with poor credit.
When you apply for an account, there will be a preliminary check of your credit that won’t impact your credit score. If you want to apply for an overdraft, Monzo will do a light credit check on you to evaluate whether or not it can provide you with one.
Monzo has three different price systems, allowing you to choose the most appropriate for your financial situation from the available options.
To create an account, you will be asked to download the app, give your personal information, and verify your identity by filming a video of yourself and snapping a photo of your ID.
However, you will not be required to show proof of address. Users can create spending budgets by category, build savings pots, divide their paychecks into spending, savings, and bill payments, and benefit from fee-free transactions made in foreign countries via this account.
#5. Starling Bank
When you apply for a bank account with Starling, all that is required is a soft credit check. Since this kind of check does not impact your credit report, it is a wise choice even if you have a low credit score.
There is no charge for using the bank’s mobile app to create or maintain a full-featured current account, and the bank does not charge a fee every month.
You’ll need to download the app, submit your name, date of birth, email address, and physical address, and verify your identity using the app by taking a selfie video and uploading a snapshot of your identification document. Only then will you be able to register an account.
After your application has been reviewed and accepted, you can connect the account to Apple Pay or your Google Wallet and instantly begin making purchases.
Users can establish savings targets, use an overdraft facility, monitor spending, and send and receive payments via the account. In addition, there are no charges incurred while making purchases overseas.
6. Cashplus Account
Designed with inclusivity in mind, the Cashplus Account stands out as a viable option for those who have faced credit challenges.
One of its key features is the absence of a credit check during the application process, making it a welcoming choice for individuals looking for basic banking services.
With the Cashplus Account, users gain access to essential features such as direct debits, standing orders, and a contactless Mastercard for everyday transactions.
However, it’s essential to be aware of associated fees, including an annual fee and charges for services like ATM withdrawals and foreign transactions.
7. U Account
Rounding out our list is the U Account, offering users a no credit check personal bank account with a user-friendly interface.
This account comes with a prepaid Mastercard, direct debits, and online banking features, catering to individuals seeking simplicity without the scrutiny of a credit check.
One notable feature of the U Account is its “Jars” system, allowing users to compartmentalize funds for specific purposes, facilitating budgeting and saving.
As with any financial product, it’s crucial to be aware of fees associated with transactions and services.
FACTS about No Credit Check Personal Bank Accounts
FACT-1: Why would someone opt for a no-credit-check personal bank account?
A1: No credit check personal bank accounts are designed to cater to individuals with less-than-perfect credit histories or those who may face challenges with traditional banking approval processes. Opting for these accounts provides an opportunity for financial inclusivity, ensuring that basic banking services are accessible to a broader audience.
FACT–2: Are these accounts entirely fee-free?
A2: While these no-credit-check personal bank accounts offer accessibility, it’s essential to be aware of associated fees. Common fees may include annual fees, charges for ATM withdrawals, and fees for foreign transactions. Prospective users should carefully review the terms and conditions of each account to understand the fee structure.
FACT–3: Can I access online banking with these accounts?
A3: Yes, most of the featured accounts, such as the Cashplus Account, thinkmoney Current Account, Monese Simple Account, Cash account from APS Financial, and U Account, provide online banking services. This enables users to manage their accounts, monitor transactions, and conduct essential banking activities conveniently through web portals or mobile apps.
FACT–4: How quickly can I open one of these accounts?
A4: The account opening process varies among providers. However, accounts like the Monese Simple Account often boast quick and straightforward setups, allowing users to open an account within minutes through a mobile app. Others, like the thinkmoney Current Account, may take a bit longer due to the managed nature of the account.
FACT–5: Can I build my credit with these accounts?
A5: No, these accounts are primarily designed to provide basic banking services without the need for a credit check. They do not offer credit-building features like traditional credit cards or loans. If building or repairing credit is a priority, individuals may need to explore specific credit-building products and financial tools.
FACT–6: Do these accounts offer overdraft facilities?
A6: No, most of these accounts do not typically offer overdraft facilities. They are structured to provide basic banking services without delving into credit-based features. If overdrafts are a requirement, individuals may need to explore alternative banking options that specifically offer overdraft facilities, keeping in mind the associated terms and conditions.
Remember, understanding the unique features and limitations of each account is crucial in making an informed decision based on individual financial needs and goals.
FAQs –
Are these accounts truly credit-check-free?
Absolutely! The 5 No Credit Check Personal Bank Accounts in The UK ensure accessibility without the hassle of credit checks, fostering financial inclusion.
Can I rebuild my credit with these accounts?
Certainly! Opting for accounts like CreditRecover Checking provides a platform for rebuilding credit through responsible financial management.
Is online banking available?
Yes, all featured accounts offer user-friendly online banking platforms, providing convenience at your fingertips.
Can I upgrade my account in the future?
Absolutely! As your financial needs evolve, most accounts offer the flexibility to upgrade, ensuring your banking aligns with your lifestyle.
Are there age restrictions for the Online Ease Youth Account?
While designed for the youth, there’s typically an age range. Consult with the respective bank for specific eligibility criteria.
What is the number 1 magazine in the UK at present?
At present, AARP is the number 1 magazine in the UK. They highlight topics like health, finance, travel, and lifestyle. The magazine has a reach of about 38.2 million, that’s why it is considered the largest magazine in the United States.
Conclusion
When establishing a bank account, your options will be more limited if you have a low credit history. However, there is no need for alarm since you still have many choices.
Some of the older high street banks provide customers with detailed current accounts, which the customer may typically access.
These operate similarly to ordinary current accounts in many areas; however, you will often not have access to an overdraft facility or switching incentives if you use one of these accounts.
Several online-only challenger banks will also let you instantly create a complete checking account from their no-credit-check personal bank account.
You can be confident that even if things may be challenging for you as you attempt to reconstruct your financial situation or start from scratch, you will still be able to access the most basic banking services.
