Everybody should save for a rainy day, but it becomes difficult to do so if you don’t have a bank account. Interestingly, if you are among the 1.5 million people residing in the United Kingdom who don’t operate a bank account, whatever your reason might be, you don’t need to worry because there are several alternatives for saving money, apart from a traditional bank. This post will introduce you to the other options.
Get a Post Office Account
You can save money using a Post Office account including ISA or instant saver. You can even make investments in a Post Office bond, which is a savings account with a fixed interest rating. When you set up the account, you will set the fixed interest period and then make your savings, which will be inaccessible until the end of the fixed period has elapsed. You will know in advance how much return you will get on their savings, and then decide if you can keep your funds locked until then.
Use a Prepaid Card to save money
You can save money with a prepaid debit card by loading money onto your card and having it accessible when you want to make payments, purchases, or make withdrawals.
You can receive your wages on your prepaid card, and you can decide to save the money on the card and not use it for your daily activities. Alternatively, you can get two prepaid cards and use one for your day-to-day activities and then dedicate the other one to savings.
Is it safe to save with a prepaid debit card?
The safety and security of your funds is an important issue to consider. First, you should know that prepaid debit cards are not protected under the Financial Services Compensation Scheme where savings in standard banks get paid back if the bank goes under. However, your funds are protected by the Financial Conduct Authority, and they are also ringfenced by prepaid card providers.
Get the Best Saving Experience with Suits Me®
Suits Me®, is a prepaid card provider that has a great offer that goes beyond a prepaid debit card. The account offered by Suits Me is a personal e-money current account that has similar functionalities to the traditional bank account. Its features include a mobile banking app, online banking, and 24/7 finance management.
Using this account, you can handle direct debits and standing orders. You can also send money to receivers in the UK through a bank transfer while international transfers can be made through a partner channel.
There are several attractive additions for users, including an exclusive cashback reward programme that allows you to get a certain percentage of your money back when you purchase using a Suits Me® debit card at specific retail partners.
It doesn’t take any time or expertise to set up a Suits Me® account. You can get everything done in 3 minutes and can begin managing your funds immediately through online banking. You don’t need to show proof of address, and your creditworthiness won’t be considered. You can also rest assured that your application for an account will be accepted so you can start saving immediately.
