Three ways a basic bank account could help you

This month a raft of new fee-free bank accounts were launched. We've taken a look to see who they could help.%VIRTUAL-ArticleSidebar-banking-guide%

Most people should be able to open a bank account, yet there are times when they can't. Others with an account have struggled with charges for missed payments.

To combat these barriers to managing money, nine of the big high street banks have followed a government request and created some basic accounts.

The accounts will let users have a debit card, use cash machines and set up Direct Debits and standing orders. Account holders will also be able to have their salary, benefits or pension paid directly into the account and be able to pay in cheques and cash.

So how could you benefit from one of these new accounts?

If you've been turned down for a standard bank account

Most of the standard current accounts require a credit check. If you've been declared bankrupt or have a county court judgement against you, you won't be able to open one. Even a bad credit rating could also mean you are rejected.

Basic bank accounts are open to pretty much anyone, as long as you are over 16 and have proof of ID.

If you're on Universal Credit

Anyone receiving benefits will be moved onto Universal Credit within the next year. One of the requirements is the money has to be paid into a bank account.

So it's essential you've something set up in order to keep getting paid.

Claiming benefits as a couple? Find out how Universal Credit will change how you get paid

If you're getting charged for missing payments or going into your overdraft

A move to a basic bank account might help you as there are no fees for having one. This does however mean you won't have access to an overdraft. This means you can't spend more than you have and might help you manage your money better – though you might still be charged by who you owe money for if you miss a payment.

Find out more about basic bank accounts and how to open them in our guide