Digital account and card Suits Me has been around since 2015, offering banking services to people who may have a hard time opening a regular bank account, for example because of their credit score.
The account comes with a slick app and a tempting cashback option. Let’s have a look and see if it could work for you.
Suits Me is a digital-only current account and debit card. It does (almost) all the things a traditional bank account would do, but can be opened in 10 minutes from your sofa, without too much hassle.
You can manage your account online or directly from your phone by downloading the Suits Me mobile app.
It’s all quite straightforward. Once you’ve successfully applied and opened an account, here’s what you get:
Compared to similar digital accounts such as Revolut or Starling, Suits Me isn’t exactly cheap. UK card purchases are free, but expect a fee for pretty much anything else: UK ATM withdrawals, foreign card purchases, foreign ATM withdrawals, cash loads at PayPoints, and even direct debits. The full list can be accessed on Suits Me’s website.
There is also a monthly fee. You can choose between two different plans:
Finally, getting the card is free, but loading it for the first time costs £9.97, so that’s how much starting to use the account will cost you.
Suits Me isn’t a bank, so your deposits won’t be protected by the FSCS.
However, it is fully licensed by the Financial Conduct Authority and keeps your money in a segregated account (separate from the company’s finances), so that even if Suits Me were to go bust, it would be safe.
Suits Me markets itself as a solution for people who would normally find it hard to get a bank account from a traditional bank, such as expats, people with poor credit scores or people who have just moved to the UK from another country.
It does offer an efficient and hassle-free banking solution to these customers. However, it isn’t the only one doing so. Competitors tend to be cheaper and have simpler pricing structures, so it’s worth checking them out first.
However, the cashback feature is a game-changer, because other free digital banking apps don’t normally offer it. If you really like Suits Me and often shop at some of the featured retailers, it could be good value for your money.
Grab a Suits Me card today
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