A prepaid card is a good option if you need to stay on top of your spending. Here we compare the account, transaction and withdrawal fees to help you decide which card suits you best. We also have a dedicated guide on prepaid cards for businesses.
£0
Min. opening balance
£0
Account fees
0% AER
Interest (AER)
| Minimum opening balance | £0 |
|---|---|
| Account fee | £0 |
| Overseas cash withdrawals | 0% Mon-Fri (max. £1,000 per month) |
£0
Min. opening balance
£0
Account fees
0% AER
Interest (AER)
| Minimum opening balance | £0 |
|---|---|
| Account fee | £0 |
£0.01
Min. opening balance
£0
Account fees
0% AER
Interest (AER)
| Minimum opening balance | £0.01 |
|---|---|
| Minimum operating balance | £0 |
| Switch service guarantee | No |
| Account fee | £0 |
| Overseas cash withdrawals | 2% |
NatWest Rooster Money
£1.99 (+1 month free trial)
Monthly fee
£0
Card delivery fee
6-17 for card, 3+ for app
Age range
| Monthly fee | £1.99 (+1 month free trial) |
|---|---|
| Card delivery fee | £0 |
| Card transaction fee | £0 |
| Cash withdrawal fee | £0 |
| Loading fee | 3/day or 10/month free, then £0.50 |
| Replacement card fee | Free for the first replacement (per household), £5 thereafter |
| Network | VISA |
| How many child accounts | No limit |
| Fees abroad | Free ATM withdrawals, 3% of transaction value on purchases over £50/month |
| Other fees | £0 |
| Freeze/unfreeze card | Yes |
GoHenry - with £15 pocket money and 2 months free
£3.99
Monthly fee
£0
Card delivery fee
6-18
Age range
| Monthly fee | £3.99 |
|---|---|
| Card delivery fee | £0 |
| Card transaction fee | £0 |
| Cash withdrawal fee | £0 |
| Loading fee | 1 free/month, then 50p each |
| Replacement card fee | Free, or £4.99 if changing the card design |
| Network | VISA |
| How many child accounts | 4 |
| Fees abroad | £0 |
| Other fees | £4.99 for a customisable card or Eco Card |
| Freeze/unfreeze card | Yes |
If you’ve got poor credit, it can be difficult to get accepted for a standard bank account. But a prepaid card could offer a great alternative as it won’t require a credit check. Your employer can even send your salary directly to your card.
Some prepaid cards offer credit building facilities, enabling you to improve your credit score over time. The provider effectively lends you a year’s worth of monthly fees and, provided you repay this in monthly instalments and on time, your credit rating will start to improve.
Some prepaid cards are designed to be used overseas and won’t charge you hefty foreign transaction fees. You can usually preload your card with currency before you set off, so you’ll know what the exchange rate is in advance. Some cards will also let you preload them with sterling and then carry out the currency conversion for you when you spend overseas.
Gift cards are also prepaid cards. You simply load them with the amount you want to spend and the recipient can then spend this amount at the card’s linked retailer(s). There’s no need for a personal identification number or a name on the card, making it completely anonymous.
There’s a range of prepaid cards available for children, enabling parents to load pocket money onto the card which children can then use online or in shops. Many of these are linked to an app, enabling parents to keep an eye on spending habits.
Prepaid cards can be used for employee business expenses. Companies can preload funds onto the card and employees can use this to pay for travel and other business costs. Different spend limits can be set for each card.
You only need to spend what you top up, so it’s up to you! You usually don’t incur any fees for leaving money on your card, so you can use it as and when you choose.
If you’ve got a bad credit history or have previously defaulted on loans, it’s unlikely that you’ll be able to get a traditional credit card right now. Prepaid cards offer respite from the spiralling debt that can come with credit. Some prepaid cards charge monthly fees, while allowing you to build your credit. Another option are bank accounts for those with bad credit.
A lot of prepaid cards work abroad. This is great for two main reasons. Firstly you won’t have to carry loads of cash around or worry about it being stolen. Secondly, prepaid cards often offer bank-beating transaction and withdrawal fees, so you won’t need to worry about racking up a big bill on ATM charges. Learn more about prepaid cards for travelling abroad.
A lot of prepaid debit cards come with an accompanying app which will allow you to track your spending. Neatly designed apps let you see how you’re spending your money too, so you can get an idea of where you need to reign in your spending!
When you buy a prepaid card you can decide how much money to put on it straight away. There’s usually a few limitations (such as an overall maximum, and a maximum amount you can withdraw in one go). Just think of a prepaid card as a card for day-to-day spending, the same as having cash in your wallet.
Topping up works in a number of ways. A lot of cards allow you to top up at places such as the Post Office, so you can go in and simply add however much cash to your card. (This may take a few days to be processed).
All prepaid cards are linked to your main bank account or building society. Many prepaid cards let you top up online or via an app. Revolut for instance allows you to manage your account, the cards linked to it, and other features such as your PIN number and your spending history all from the app.
Fees and charges vary. Some prepaid cards come with absolutely zero fees for setting up or having them open.
In other cases, you can be charged for getting the card in the first place. Some cards also have monthly management fees. Similarly some charge withdrawals. Some charge you for paying for goods.
These fees can quickly add up so make sure you shop around and find the right card for you.
Prepaid cards can be a simple and flexible way to spend money without using cash. You won’t undergo a credit check for these types of cards, so they can be a great financial tool for people who have previously defaulted on loans or have a poor credit history.
Prepaid cards can also be a handy way of budgeting, enabling you keep to spending limits without going into an overdraft. For this reason, prepaid cards can be a useful tool for teaching children about personal finance, enabling them to spend money without having to open a full bank account.
As a further bonus, prepaid cards can be a great way to spend your money when you’re abroad. Not only do you avoid the need to carry lots of cash, but you’ll often find lower transaction and ATM withdrawal fees.
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