You are here: Home - Saving & Banking - News -

Basic banking access continues to improve

0
Written by:
21/07/2008

There were 341,300 basic bank accounts opened in the first quarter of this year, taking the total to 7.3m among UK consumers, according to figures out today.

The British Bankers’ Association (BBA) revealed 3.2m Post Office accessible accounts have now been opened since April 2003, half of which were set up for customers with no previous banking relationship.

A total of 16 banks currently offer accounts that can be accessed through Post Office counters and Post Office Card Accounts continue to a major method of payment for Government benefit and tax credits, according to the BBA. Such accounts are designed for people who might not meet the criteria for opening a standard current account or who want to ensure they can’t overdraw their account.

David Dooks, statistics director at the BBA, said: “The 341,000 accounts opened in the first quarter, which includes 197,200 opened by Halifax for customers previously holding non-post-office accessible accounts, show that basic bank accounts continue to be an important and popular product, providing effective access to banking.”

Related Posts

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Low-income areas benefit from free ATMs

Over one million people are benefiting from 419 new non-charging cash machines installed in low-income areas throughout the UK in...

Close