Parachute Account
Below is a list of basic bank accounts available for people who need a parachute account, but who may struggle to open a 'regular' current account.
The details are in alphabetical order so one bank is not recommended over another. For ease of reference, the only two which offer debit cards are Co-op (Electron Card) and NatWest (Solo Card).
However, I have also included a list of their charges which may sway people who aren't too fussed about a debit card. [Please note charges can change so please check with the bank]
See The FSA Guide to Basic Bank Accounts
Contents
Abbey
Basic Account
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £35
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
Alliance & Leicester
Basic Cash Account
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Direct debits only
Charge for unpaid direct debit: £34
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, some bad debts depending on individual circumstances.
Bank of Ireland
Basic Cash Account (Only available in Northern Ireland and Eire)
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £38
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud, record of bad debts.
Bank of Scotland
Easycash
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £39
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
Barclays
Cash Card Account
Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Direct debits only
Charge for unpaid direct debit: £39
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Record of fraud.
Clydesdale
Cashmaster
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £35
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud, some bad debts.
Co-operative Bank
Cashminder
Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £19.50
Debit card (Solo or Electron): Yes
If any of the following apply to you, your application may be declined: Record of fraud.
First Trust Bank
Basic Bank Account
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: £10
Direct debits and standing orders: Direct debits only
Charge for unpaid direct debit: Under £35: £22.50; Over £35: £37.50
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud, record of bad debts.
Halifax
Easycash
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £39
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
HSBC
Basic Bank Account
Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: £10
Direct debits and standing orders: Yes
Charge for unpaid direct debit: No
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
Lloyds TSB
Basic Bank Account
Minimum age to open an account: 18 (16-year-olds can open a similar account)
Minimum amount to open an account: None
Free buffer zone: £10
Direct debits and standing orders: Yes
Charge for unpaid direct debit: No
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
Nationwide Building Society
Flex Cash Card
Minimum age to open an account: 16
Minimum amount to open an account: £1 Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £30
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: History of fraud.
NatWest
Step Account
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £38
Debit card (Solo or Electron): Yes
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
Northern Bank
Cashmaster - Basic
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £37.50
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarge bankrupt, record of fraud, record of bad debts.
The Royal Bank of Scotland
Key Account
Minimum age to open an account: 18
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £38
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarge bankrupt, record of fraud.
Ulster Bank
Basic Bank Account
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: Under £20: £35.00; Over £20: £37.50
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischarged bankrupt, record of fraud.
Yorkshire Bank
Readycash
Minimum age to open an account: 16
Minimum amount to open an account: None
Free buffer zone: No
Direct debits and standing orders: Yes
Charge for unpaid direct debit: £35
Debit card (Solo or Electron): No
If any of the following apply to you, your application may be declined: Undischargedbankrupt, record of fraud, record of bad debts.