Prepaid card comparison

Control your spending with a prepaid card. Read on to find out how prepaid cards work.

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Compare prepaid cards

Table: sorted by monthly fee
Data indicated here is updated regularly
Name Product Monthly fee Card fee Transaction fee UK ATM fee Loading fee
gohenry
£2.99 per child (free one-month trial)
Free
Free
Free
50p (free one top up per month)
Suits Me Premium
£4.97
Free
Fee-free UK transactions
£1.25
First load fee: £9.97
Cashplus Activeplus
£5.95
£5.95
9 free transfers or e-payments per month
£2.00
Free
Cashplus Deluxe
£9.95
£5.95
Free
Free
Free
Suits Me Premium Plus
£9.97
Free
Fee-free UK transactions
£1.12 (4 free withdrawals per month)
First load fee: £9.97
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Why should I get a prepaid card?

  • Flexibility

    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.

  • No credit checks

    If you’ve got bad credit or have defaulted on loans previously, it’s unlikely you’ll be able to get normal credit cards. 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.

  • Simple

    With a notice-savings account, you’ll have to notify the account provider before you make a withdrawal. This is good for those who can afford to wait, paying better rates on the whole than easy-access accounts. It’s worth being aware of how much you’ll pay in penalty fees if you withdraw without notifying the provider though!

  • Spending abroad

    A lot of prepaid cards work abroad. This is great for a 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.

  • Easy to keep track of spending

    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!

How do prepaid cards work?

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. The Monzo card 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.

Do prepaid cards cost much?

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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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