HM Treasury has announced that nine UK high street banks and building societies have reached an agreement with the Government on providing basic bank accounts. These basic bank accounts will be provided from December 2015 to certain customers that are ineligible for a full-service account.

HM Treasury has also published the text of the agreement which sets out the core requirements for the basic bank account relating to:

  • standard features;
  • distribution;
  • fees and charges;
  • account opening;
  • upgrading;
  • account closing; and
  • monitoring and review.

View New basic fee-free bank accounts to help millions manage their money, 15 December 2014

View Revised basic bank account agreement, 15 December 2014