Bank accounts | Consumer Rights

A bank account is the gateway to everyday money — wages, bills, benefits and
card payments. You have real rights around opening one, switching it, and
getting your money back if something goes wrong.

Everyone can get a basic account

If you’ve been turned down for a standard current account — because of poor
credit or no credit history, say — the major banks must offer a fee-free
basic bank account to anyone who’s eligible and doesn’t
already have a suitable account. It lets you receive money, pay bills and use
a debit card, without an overdraft.

Switching is quick and guaranteed

Moving to a better account is easy through the
Current Account Switch Service, which most banks use. It
takes seven working days, moves your payments across for you,
and comes with a guarantee that covers any charges or interest if something
goes wrong in the switch.

Your money is protected

Money held with a UK-authorised bank or building society is protected by the
Financial Services Compensation Scheme up to
£85,000 per person, per banking group — so it’s safe even if
the firm fails.

Scams and getting your money back

If you’re tricked into transferring money to a fraudster (an “authorised push
payment” scam), banks now have to reimburse most victims — up
to £85,000 per claim — under rules that began on 7 October 2024. Report it to
your bank straight away.

What to do next

If your bank won’t put a problem right, you can take it to the free
Financial Ombudsman Service. For
scams and mis-selling, see our
scams and mis-selling page.

Sources

GOV.UK / FCA (basic bank accounts); Current Account Switch Service; FSCS
(£85,000 protection); Payment Systems Regulator (APP scam reimbursement, from
7 October 2024). Reviewed: 3 September 2026.

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