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THE SUITS ME CARD
BACKGROUND INFORMATION
FOUNDED: 2015
FRN: 900025
CURRENCIES: GBP
ATM LIMIT: £300 / day
ATM FEE: £1.25
PREMIUM OPTION: YES
APP: iOS & Android
CUSTOMER SUPPORT: Email & Telephone
IBAN: YES
MONTHLY FEE: £4.97 Regular or £9.97 Premium
TRANSFERS: Yes
LOADING OPTIONS: Bank transfer or Debit Card
CARD CHARGE: £24.99 / year
What Is Suits Me? 📖
Suits Me is a digital current account that comes with a debit card. Offering the vast majority of services that you’ll get from a conventional bank, it allows you to open an account within just ten minutes from wherever you are as long as you’re connected to the internet.
How Does Suits Me Work? 👨🏫
Once you have opened your Suits Me account, you’ll be able to manage your account online and on your smartphone. As the service comes with an app, you don’t even need to open your web browser to access a wide range of money management services. You’ll gain access to a current account with a sort code and an account number. You can have your wages paid into this, set up a standing order and arrange a direct debit. The debit card itself is a contactless Visa. You can use it pretty much anywhere that you like.
Key features of Suits Me ⚙️
The service allows you to set up ‘envelopes’. You can use these to store funds for specific things like bill payments and holiday money, for instance. Some people use them for long-term savings, forthcoming birthdays and the festive period. You can choose how exactly how much money you want to add to the envelopes. Suits Me will transfer the funds automatically on dates of your choosing.
A distinctive feature of Suits Me is the Rewards facility. Most digital-only accounts don’t offer rewards, but you can receive cashback when you buy products and services from partnered Suits Me retailers. Don’t worry about the retailers only being obscure brands offering little you’re likely to be interested in – these are generally household names, including supermarkets. There are thousands of online cashback deals to take advantage of. The amount of cashback that you receive can vary from retailer to retailer.
According to the website, 99.8% of applicants with a UK address are accepted once their ID has been validated. The cost for depositing cash onto your card is 99p + 2.6% of the transaction itself. This means you would need to pay an extra £3.59 if you loaded £100 onto your card. However, Plus account members only need to pay 50p + 2.6%, which means they would be charged £3.10. Customers can deposit up to £249 a day.
How Much Does Suits Me Cost? 💷
Suits Me isn’t the cheapest digital-only service on the market. Although you won’t need to pay anything to complete card purchases, fees will be taken for ATM withdrawals both in the UK and abroad, overseas cash purchases, direct debits and PayPoint cash loads. You will also need to pay a monthly fee. The Premium service costs £4.97 each month, but you can pay £9.97 for Premium Plus and receive 4 free ATM withdrawals in the UK each month and a small direct debit discount. You can also get a modest discount on international money transfers and cash loads. Although the card is free, you need to pay £9.97 for your first load.
The Suits Me App 📱
The app is simple and easy to operate. Most banking tasks can be done in the app. These include checking your statements, managing direct debits and standing orders plus one-off transfers. If you lose your card or it’s stolen, you can freeze it with the app. If you find it again, you can reactivate it.
Is Suits Me Safe and Secure? 🔒
As Suits Me is not a bank, your deposits won’t be protected by the FSCS. Nonetheless, it has a Financial Conduct Authority licence. Your money is stored separately from Suits Me’s own finances. This means that you won’t lose access to your cash even if Suits Me goes out of business.
Advantages of Suits Me 👍
- Can meet most of your banking requirements
- Cashback available from big-name retailers and smaller brands
- Quick application process
- Envelopes allow you to separate funds for different purposes
- The card can be loaded at PayPoint outlets
- Can contact Suits Me team via Facebook, live chat, phone and email
Disadvantages of Suits Me 👎
- Few special features at the moment
- No bricks-and-mortar branches to visit in person
Conclusion 💭
If you’re ready to use a digital-only account and don’t need to talk to bank staff in person, Suits Me could be a good match for you. It may also be suitable for you if you’re looking for a quality cashback-orientated service. The service is likely to be particularly beneficial if you’ve been refused a bank account elsewhere. Expats, people with bad credit and new arrivals to the UK often find it difficult to get bank accounts in the United Kingdom.
Nonetheless, many competitors on the market will charge you less and offer more. Many of these have no physical branches but maintain a happy, satisfied customer base. If you are interested in cashback offers and are more than happy to open a digital-only bank account, this could be relevant to your needs. You are more likely to benefit from the card if you shop or are interested in shopping with its partnered retailers.
You can’t open an account with Suits Me unless you are aged 18 or over. You can head straight to the website to complete your application. There’s no credit check, and you can complete the entire process in just ten minutes. You will, however, need to provide ID to provide your identity and will need a UK address – however, the company may not ask for proof that you live at the address. The service is also more likely to benefit you if you use Google Pay or Samsung Pay. At the time of writing, Apple Pay is not supported, but this may change in future.
The service was ‘Highly Commended’ at the British Bank Awards and named Best Newcomer. It describes itself as an “e-money account issuer” rather than a bank. It currently has a four-out-of-five rating in Trust Pilot, having received more than 2,200 reviews.
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