BBA has reported that partnership between banks and government is already achieving great results with new figures revealing a further 167,511 entry-level bank accounts were opened in the last quarter alone.
Basic bank accounts support financial inclusion by providing entry-level bank accounts for people with no banking history, upgrading accounts to give customers access to greater choice and more services and helping people save in secure and well-regulated ways.
Angela Knight, CEO of British Bankers Association (BBA), said: Banks are working hard to ensure everyone has access to banking services and to help overcome any difficulties people new to banking may experience. The success of basic bank accounts is proof of the work banks are doing to help more people into the financial mainstream. Increasingly we are seeing people who start with the most basic of accounts step up to those with more services and greater choice.
