Banking without the fees: United Kingdom.

A take-home sheet for people at the session. Other countries: United States · Canada · Australia.

Moraph for Good · Fluent

Banking without the fees: United Kingdom

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In the United Kingdom

Basic bank accounts. HM Treasury has designated the nine largest current account providers to offer basic bank accounts to people legally resident in the UK who don’t have a bank account or aren’t eligible for a standard current account. Basic bank accounts must be fee-free for standard operations in sterling and don’t have an overdraft.
Protected deposits. If a UK-authorised bank, building society or credit union fails, the Financial Services Compensation Scheme compensates eligible savers up to £120,000 per person, per institution. Banks that share a banking licence share one limit.
Payment and e-money firms. If a non-bank payment provider goes out of business, your money is not protected by the FSCS. E-money and authorised payment institutions must safeguard your money instead; small payment institutions don’t have to, so ask what protection they offer.
Free complaints service. Complain to the financial business first. If you’re not happy with its answer, the Financial Ombudsman Service is free to use and can put things right if a business hasn’t treated you fairly. Complaints about payment firms can also go to the ombudsman.

Official places to check:

GOV.UK (HM Treasury): www.gov.uk/government/publications/basic-bank-accounts-july-2023-to-june-2024/basic-bank-accounts-july-2023-to-june-2024
Financial Services Compensation Scheme: www.fscs.org.uk/what-we-cover/banks-building-societies-credit-unions
Financial Conduct Authority: www.fca.org.uk/consumers/using-payment-service-providers
Financial Ombudsman Service: www.financial-ombudsman.org.uk

General information, not advice about your own situation. Checked 19 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees