The Ulster Bank Foundation Account is a basic current account that may be offered to you by the bank if you are not considered suitable for one of their other current accounts that you applied for due to failing their credit score perhaps as a result of having a bad credit record in the UK.
Who is the Foundation Account suitable for?
You must be at least 18 years of age and resident in the UK.
You may be considered for such an account whether you are, for instance, employed, self employed, retired or unemployed. It is also suitable for some people with a poor credit history.
What services are provided with this account?
You are able to have money paid into the account such as your salary, wages, pension and benefits. You can transfer funds into the account perhaps from another bank account that you hold elsewhere.
If you live in Northern Ireland you can pay cash into the account through branches of Ulster Bank.
You can pay your regular household bills such as your mortgage, gas, electric, water rates, council tax and insurances by direct debit or standing order.
You are provided with a Visa debit card that can be used to withdraw cash at numerous ATMs around the world. You can also use the card to purchase goods and services online, over the phone or in a high street shop.
Online banking is provided enabling you to closely manage your account. For instance, you can check to see what your balance is, view recent transactions and make payments. A mobile app is also available.
You cannot have a cheque book or an overdraft facility.
Are you charged a monthly administration fee?
No, There is not a monthly administration fee.
The Ulster Bank Foundation Account appears to be similar to many of the basic bank accounts offered by a number of the banks and building societies in the UK. It is pleasing to hear that it is suitable for many people that have a bad credit rating.