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<p>The government believes that individuals, regardless of their background or income,
should have access to useful and affordable financial products and services, including
a bank account.</p><p> </p><p>Basic bank accounts are a key financial inclusion policy.
They provide people with a way of receiving income, whether that be salary, pension,
benefits or tax credits and enable people to manage their money on a day-to-day basis
effectively, securely and confidently. A basic bank account is fee-free for all everyday
banking services and has no overdraft facility.</p><p> </p><p>The 9 largest personal
current account providers in the UK are legally required to offer fee-free basic bank
accounts to customers who do not have a bank account in the UK or who are ineligible
for a bank’s standard current account.</p><p> </p><p>The Treasury publishes data on
basic bank accounts annually. The December 2019 publication shows that in total there
are nearly 7.5 million basic bank accounts open in the UK.</p><p> </p><p>For people
who cannot access a bank account, the Department for Work and Pensions will continue
to offer the HMG Payment Exception Service that allows customers access to funds via
PayPoint outlets.</p>
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