Basic bank accounts: July 2017 to June 2018
The third publication of data on the UK basic bank account market.
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The Payment Accounts Regulations 2015 require the 9 largest personal current account providers in the UK to offer basic bank accounts that are fee-free for standard operations, including a failed payment, removing the risk that customers run up unintended overdrafts. Basic bank account customers are able to use the same services (e.g. ATM and Post Office counter access) as a financial institution’s other personal current account customers.
These 9 institutions are: Barclays, Clydesdale and Yorkshire Bank, Co-operative Bank, HSBC, Lloyds Banking Group (including Halifax and Bank of Scotland brands), Nationwide, Royal Bank of Scotland (including NatWest and Ulster Bank brands), Santander, TSB.
Banks have agreed to report data on basic bank accounts to the Treasury for annual publication. This is the third publication.