Basic Bank Accounts

U Account holders can no longer access their accounts or use their prepaid cards to spend or withdraw cash as the digital bank closed the service from midday today (Tuesday 3 May). The app-based account is also no longer available to new users. 

HSBC is to close 69 branches across the UK between July and October this year. The move follows the closure of a further 82 HSBC branches last year.

Thousands of Nationwide customers have once again seen delays to payments in and out of their accounts today (28 February) after a technical glitch slowed certain transactions. But the building society says associated fees or charges incurred will be refunded.  

Starling Bank current account holders who want to deposit more than £1,000 in cash in any one calendar year will be charged to do so via the Post Office from March 2022. Customers will, however, continue to be able to deposit money electronically or by cheque fee-free. 

Monzo has become the first major bank to launch its own buy now, pay later (BNPL) scheme. The bank's 'Flex' service enables its current account customers to make interest-free repayments in three instalments over three months on purchases worth between £30 and £3,000. But interest of 19% APR will be charged if you need to repay in more than three instalments. Here's what you need to know. 

Thousands of charities, sports clubs and community groups with HSBC's free Clubs and Community Bank Account face being moved to the bank's new Charitable Bank Account from 1 November. The new account comes with a £5/mth (£60/yr) fee but you can switch to a free charity bank account offered by other providers beforehand to avoid the charge. Here's what you need to know.  

Alan Turing, the scientist best known for helping to crack the Enigma code during World War Two, is to appear on the new £50 note, the Bank of England has announced.

More than four million banking customers benefitted from fee-free basic accounts during the opening six months of 2016, according to Government figures. But if you've a basic account with Lloyds or Royal Bank of Scotland (RBS) that you opened before the start of the year, you may still be paying a fee and should consider upgrading or switching.

Millions of basic bank account holders will soon be able to switch to a truly fee-free basic account, after the Government announced nine of the new accounts would be up and running in the New Year. But current basic bank account holders may not be automatically switched to a fee-free account – so you should contact your provider to check.

Banks must make it easier for customers to take charge of their accounts, including raising awareness of switching, the competition regulator has announced today.