Chancellor set to announce basic bank accounts for all

By Joel Stanier – Financial specialist

Chancellor Alistair Darling is set to announce basic bank accounts for all in Wednesday`s Budget, the BBC reports.

Under new legislation, banks would be obliged to provide a basic bank account for every citizen.

The move would put an end to the problems some people face when they`re unable to find a bank account in which to store their money.

There are currently 1.75 million adults with no access to a transactional bank account, a Treasury task force claims.

A spokesperson for think banking said: "Bank accounts are a very important part of most people`s day-to-day lives. They give us somewhere to store our money, a convenient means of paying for things, and a way to make our money grow.

"However, people looking for a basic bank account should be aware of the alternatives. For example, a managed bank account can provide the account holder with a financial expert who can help them make sure their bills get paid - and it doesn`t require a credit check, so it`s open to everyone."

Tags: banking, basic bank account, budget

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