Image of a man desperately searching online for a bank account that will accept him with bad credit

Is there an account for people with bad credit?

Don’t be fooled into thinking bad credit means you can’t have your own award winning account

Carrying around a bad credit history and poor credit score can make things difficult when it comes to opening an account.

Being turned away can be embarrassing, especially when all you want is somewhere for your hard earned wages to be paid into.

There are basic accounts available from the high street banks, but they don’t advertise them very well and you are still required to complete a credit check.

However, there are accounts out there that do not require you to complete any form of credit checks, such as the icount Money current account with prepaid Mastercard®.

What is the icount current account with prepaid MasterCard®?

We’re a challenger account and a great alternative to traditional high street banking.

When our CEO Samuel Mond first came to icount Money he had a mission to create an account available to all, especially those who have had previous debt and a poor credit history.

We believe that everyone has the right to hold their own bank account and do not discriminate against those who have a poor credit score, therefore there are no credit checks required to open one of our accounts.

It doesn’t matter if you have a County Court Judgment (CCJ) taken out against you, past financial history does not impact on your chances of approval.

What can I expect from the icount current account with prepaid MasterCard®?

The account works in much the same way as a traditional high street bank.

You are able to have your wages, any benefits you receive or one of transfers paid into your account, as well as being able to pay you bills by Direct Debit, Standing Order or by one off money transfer.

You will be given your own prepaid Mastercard® with the account so you can withdraw money from the ATM, shop in store and online.

Are there any other benefits?

Yes! The icount money current acccount with prepaid MasterCard® allows you (subject to terms) to look at the possibility of lending you the prepaid account by way of a small consumer credit loan.

With ICOUNT money, this is referred to as Creditbuilder™, provided by Advanced Payment Solutions Limited.

At the end of the nominated period, usually 12 months, repayment of the small loan will show up as an honoured credit agreement on your credit file, meaning you could improve your credit rating without the fear of racking up any large debt or paying interest rates which could lead to struggling to pay off the balance.

As with any credit agreement though, bad credit behaviour, as well as good behaviour, is reported to the credit reference agencies.

Final word

If you’re looking for an account that offers you a little bit more from traditional high street institutions, icount could be the perfect account for you.

Not only does poor credit history make no difference to your application, there is also a way you could potentially repair a previous bad credit history, or build a credit history for the first time.

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