Britons who do not have a bank account face paying up to £485 extra each year for bills and basic services, according to a report. The 1.2 million so-called unbanked individuals are said to pay a “banking poverty premium” because they are missing out on preferential deals and discounts on utility bills, mobile phone contracts, broadband and personal loans. About 15 to 20 years ago there were thought to be 2.5 million people in the UK without basic banking facilities. The rollout of no-frills basic accounts combined with advances in technology meant that by 2017, the estimated number had fallen to 1.23m. However, the ... (full story)