Finally Santander launch new Basic Account!! But in a different approach

Birdwell

It seems to be across several banks. Nationwide also has a new FlexBasic account (from Dec 1st) that is destined to "those who may be experiencing financial difficulty". During the application, you get asked whether you fit in that category, and if you answer no, you are actually told to apply to a FlexDirect / FlexAccount.

Maybe as of the 1st Dec some regulation "encouraged" banks to offer a basic bank account to more customers ?

SnowTiger

Birdwell wrote: »

It seems to be across several banks. Nationwide also has a new FlexBasic account (from Dec 1st) that is destined to "those who may be experiencing financial difficulty". During the application, you get asked whether you fit in that category, and if you answer no, you are actually told to apply to a FlexDirect / FlexAccount.

Maybe as of the 1st Dec some regulation "encouraged" banks to offer a basic bank account to more customers ?

https://www.gov.uk/government/news/new-basic-fee-free-bank-accounts-to-help-millions-manage-their-money:

For the first time, basic bank accounts will be truly fee-free, helping people to manage their money without fear of running up an overdraft.

Accounts will be available to anyone who doesn’t already have a bank account or who can’t use their existing account due to financial difficulty.

The Economic Secretary to the Treasury Andrea Leadsom today (15 December 2014) hailed a major agreement between the government and the banking industry to establish new basic bank accounts that will end bank charges if a direct debit or standing order fails.

[...]

The terms of the agreement are published today so that every customer knows what they can expect from their bank in future and the new accounts will be in place by the end of 2015.

[...]

Nine banks have agreed to offer basic bank accounts, they are:

• Barclays
• the Co-operative Bank
• HSBC
• Lloyds Banking Group (including Halifax and Bank of Scotland brands)
• National Australia Group (including Clydesdale and Yorkshire brands)
• Nationwide
• RBS Group (including NatWest and Ulster Bank brands)
• Santander
• TSB

colsten

Worth noting that this is a direct result of the oft-maligned European Union declaring that every EU citizens has the right to a basic bank account.

http://europa.eu/rapid/press-release_STATEMENT-14-123_en.htm