Prepaid Bank Accounts

Prepaid bank account cards are the first financial product in the UK to offer a bank account to every single adult in the UK with guaranteed acceptance, provided that you have shown full identification.Read more...>

• Cashplus Prepaid Gold MasterCard Deluxe Account

• £4.95

• £9.95

• £0.00

• UK: £0
  Abroad: £0

• FREE online payments and transfers - everything from one-off payments to regular standing orders
• Use for internet shopping its secure and has no link back to your bank account
• The minimum amount you will need to top up is £10 and the maximum is £5,000
• Option to create a standing order to top the card up every month
• Get your wages paid straight onto the card as long as you have been fully verified

• Card One Banking

• £0.00

• £12.50

• £0.00

• UK: £1
  Abroad: 2.75%

• Fully managed bank account for £12.50 per month
• No hidden bank charges
• Instant approval if you are over 18 and a UK resident

• Tuxedo Eccount Banking

• £9.95

• £10.00

• £0.00

• UK: £0
  Abroad: 2.75%

• Have your wages paid directly to the Eccount & pay in cash and cheques
• Free online banking including bill payments by Standing Orders
• Free ATM transactions in the UK
• Instant approval if you are over 18 and a UK resident

• Secure Trust Bank

• £12.50

• £12.50

• £0.00

• UK: £0.50
  Abroad: £2.25

• Never go overdrawn again
• No charge for bounced direct debits
• Automated transfers from your account to your prepaid card
• 24/7 automated telephone and online banking
• Hassle free transfers of outstanding orders and direct debits
• Member of the Financial Services Compensation Scheme

• ClearCash

• £4.50

• £9.99

• £0.00

• UK: £0.50
  Abroad: £0

• BudgetMaster tool to track & manage expenses
• FREE 6 monthly financial health check
• Instant approval if over 18 and a UK resident

Who will benefit from prepaid bank account cards?

Some individuals, such as consumers with bad credit or newly-arrived immigrants, have their current account application rejected leaving them in a difficult position. It can be incredibly awkward trying to pay household bills, get a passport or driving licence, receive a salary by BACs, and other day-to-day activities without access to a bank account.

What are banking prepaid cards designed for?

These cards are designed to appeal to the mass market and therefore offer guaranteed acceptance to every one over the age of 18. The prepaid bank account card allows users to manage their money and budget effectively, while avoiding bank charges and overdraft fees.

Who uses these cards?

If you have been looking for a bad credit bank account, you will probably find these prepaid cards incredibly useful. Although they are open to everyone, not just those with a poor credit rating, those with good credit ratings may prefer standard bank accounts because they don’t have the same fees and charges as some prepaid cards.

What are they used for?

Prepaid bank account cards are used to access the money that has been pre-loaded on to the card via cash withdrawals, but also to make purchases in store and online. Cash can easily be transferred from the account to the card with the online management system, preventing you from over-spending. If you haven’t had a bank account before, paying bills and receiving wages will be made much easier. In order to receive your salary directly to the card account, you will need to sign a pre-printed wages mandate and give it to your employer’s payroll department. Some prepaid bank accounts allow you to set up Direct Debits so you can pay bills each month from your prepaid card account.

Advantages

These cards offer lots of advantages, including access to digital banking, no hidden bank charges or bounced payments, balance reminders when you have a payment due, no credit checks, and no contract tie-in period. Individuals stuck without a UK bank account will be able to use their prepaid bank account card to pay bills online, make chip and PIN transactions, and receive their wages. Prepaid bank account card customers are also able to manage their finances without the worry of over-spending. The Card One prepaid card is branded by MasterCard meaning that you can use it wherever you see the company logo – currently at 28 million locations around the world.

Disadvantages

It can sometimes be expensive to make cash withdrawals with a prepaid card as there is often an ATM fee of around £1- this is more of a problem with prepaid bank account cards because there isn’t another way to access cash. To take advantage of this guaranteed acceptance bank account there is a price; the Card One banking account is £12.50 per month. Additionally, you won’t receive interest on any of the funds in your account so individuals with large balances should find a more relevant interest-paying account, such as a standard savings account or a cash ISA.