Fee-free bank accounts launched
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New Year boost for millions as fee-free bank accounts become available for first time.
Millions of bank customers across Britain stand to benefit by hundreds of pounds as nine major banks launch fee-free basic bank accounts from 1 January.
The accounts will be available to anyone who doesn’t already have a bank account, is ineligible for a standard current account or who can’t use their existing account due to financial difficulty.
For the first time they will be truly fee-free, helping people to manage their money without fear of running up an overdraft.
Today’s (27 December 2015) announcement follows last Christmas’ landmark 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.
In some cases, charges had been as high as £35 per failed item, and uncapped, meaning charges could accumulate to hundreds of pounds over time and drive people into serious debt.
The changes will...
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