Basic Bank Accounts

If you can't get, or don't want, a basic bank account, then there are some other alternatives you can try. However, they're not available to all, and in many cases, they're not cheap.

Credit unions

A couple of credit unions across the UK now offer bank accounts, and most of these allow undischarged bankrupts to get them. You'll usually have to pay a monthly fee of £2 to £5 and/or commit to keeping a certain balance in your account to be a member. However, some credit union current accounts offer cashback in certain stores which can offset the fee.

Read the Credit Unions guide for more, including to see if there's one local to you.

Post Office Card Account

If you're in receipt of certain Government benefits, pension or tax credits, and you don't have a bank account for them to be paid into, then you can use a Post Office Card Account.

You'll need to contact the office that pays your benefit as you can't open these accounts directly. You'll need proof of ID and address to get one of these accounts opened for you.

The Post Office Card Account is very basic – you get a card, and your benefits are paid onto that card. You can then use the card to withdraw cash, until the balance runs out. There's no overdraft facility, and you can't spend on the card or set up direct debits to be paid from the account.

Fee-paying accounts

There are a few bank accounts out there that don't credit check, so are open to all – many of these come with monthly fees, but they're another option if you don't want any of the basic bank accounts above.

• The U Account* is technically a prepaid card, but offers much of the functionality of a bank account including direct debits, standing orders and the ability to pay your income to it.

  Anyone over 18 with a UK address can open it, though it costs up to £10 per month, depending on which payment plan you choose – other options are cheaper or free but come with fees for things like direct debits and ATM withdrawals. You can also earn cashback with certain retail partners, and can set up 'Extra Accounts' to help with budgeting.

  Your money's not protected under the Financial Services Compensation Scheme (FSCS), but funds are ring-fenced and held in a separate Barclays account operated by Wirecard Card Solutions – so if U Account or Wirecard went bust, you should be able to get your money back. It's only if Barclays went under that your cash might be lost.

• Another option is Monese*, another prepaid card that acts like a bank account. Anyone over 18 living in the EEA can open an account by filling in their details and submitting a photo of their ID and a video 'selfie' – you don't have to have a UK address.

  Monese offers similar features to the U Account above. There are three account options – Starter has no monthly fee but charges £1 for each ATM withdrawal and 0.35%-3.5% top-up fees.

  The Plus option has a flat monthly fee of £4.95, which includes 6 cash withdrawals a month – any more are charged at £1 a pop. It charges 0.35%-2.5% for top-ups. The Premium option has no ATM or top-up fees, but is a hefty £14.95/mth.

  Monese holds your cash in a separate account, which is entirely ring-fenced from its own finances. This means if Monese went bust, you should be able to get your money back – though it's not FSCS-protected, and if the ring-fencing bank went under, your money could be lost.