Whats the difference between a basic and current account?

el_nino_5

Whats the difference between a basic and current account?

jonesMUFCforever

Basic account - normally no lending facilities or cheque books - no loans or credit cards etc

Current - comes in many formats but if your credit score is good you often get access to overdrafts, loans credit cards etc.

el_nino_5

can a basic account boost my credit score if run well?

Lokolo

If you go into overdraft, pay it back etc. then yes.

fermi

The FSA booklet on 'basic' accounts explains what you do and don't get, and can and can't do, with a basic account.

Basic bank account booklet (FSA/moneymadeclear)

No overdrafts normally with 'basic' accounts.

jonesMUFCforever

el_nino wrote: »

can a basic account boost my credit score if run well?

Not really because they won't allow you to borrow funds.
However it can damage it if they close your account off because of misuse.

simongregson

My basic account reports onto my credit report as zeros each month, which I guess shows it is being run correctly even though there is no overdraft.