Basic bank accounts giving consumers a 'simple life'

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Basic bank accounts giving consumers a 'simple life'

Almost four fifths (77 per cent) of Britons have become more confident about their money after taking out a basic bank account.

Research carried out by Millward Brown's research on behalf of the British Banker's Association also shows that almost nine in ten (87 per cent) of people are content with the account's functions while 91 per cent are happy with the way in which the account is handled.

Basic Bank accounts, introduced by the government in 2003, allow people who might not qualify for a standard bank account to benefit from services such as getting money from cash machines, having pensions directly paid into accounts and paying bills by direct debit.

"Access to banking services is the lynch pin to financial inclusion and this research shows that the features of the basic bank account closely meet people's needs," said chief executive of the BBA Ian McMullen.

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