Under plans announced in the Budget, banks in the UK will have to provide a basic bank account to everyone that requests one.
According to chancellor Alistair Darling, the change is "something essential in the modern world".
Building societies and banks will have to open a basic account that offers a debit card and the ability to pay direct debits for anyone in the UK.
Consumers will also have the opportunity to save on their utility bills as most firms make discounts available to those paying by direct debit.
An additional one million consumers that are financially excluded at present will benefit over the next five years due to the change, according to the treasury.
Mr Darling also revealed the licensing process for new entrants to the banking sector would be sped up to promote banking competition.
The annual limit on individual savings accounts (ISAs) will increase from £7,200 to £10,200 from next month, as well as increasing each year in line with inflation.
