Britain expands financial services for unbanked

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The UK banking industry has promised to widen access to financial services for Britain’s 1.3 million unbanked.

The country’s nine largest bank account providers will expand services for those who are without a current account, CityAM reported.

The new accounts will include a debit card, as well as online and in-branch access. Financial services can also be accessed via the Post Office.

One of many reasons Britain’s unbanked population do not have an account is a lack of a steady income. The new accounts aim to reduce unexpected fees by denying the holder and overdraft or alerting them when they are about to enter an unauthorised one.

Accounts with extra services such as these often incur monthly charges, which the new accounts will be free from.

The number of unbanked adults in the UK has halved from 2.8 million in the last decade.

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