pre paid CC vs Savings

Waspeze

I used to have a virgin prepay card and it was useful.. just begrudged it a bit being charged to spend my own money.
I was lucky though and managed to get a savings account (and two current accounts!)

Round_The_Bend

Waspeze wrote: »

I used to have a virgin prepay card and it was useful.. just begrudged it a bit being charged to spend my own money.
I was lucky though and managed to get a savings account (and two current accounts!)

Did you obtain the savings account and current accounts pre or post discharge? If pre-discharge, can you advise which banks they were with? Thanks, in advance.

Waspeze

Round_The_Bend wrote: »

Did you obtain the savings account and current accounts pre or post discharge? If pre-discharge, can you advise which banks they were with? Thanks, in advance.

Got it pre discharge with Chelsea.

Went into the branch and they were really good and said it wouldn't be a problem, opened up straight away.

not sure what they'd be like if applying online though



the current accounts were just the normal coop one and lloyds (and the OR) let me keep open an existing cash account

restofmylife

Puzzledbubbles wrote: »

Hey All,

Went BR in March and am now looking for a way to look after the money that the OR says i should dedicate to annual/bi-monthly spends.

I am not sure whether to open a savings account or to use a pre paid cc.

Basically the money that i put away each month will cover cash payments like electricity and electronic payments like hair cuts. Within the money there would also be some holiday savings etc.

Now, is there anything stopping me putting all of this onto a pre paid cc rather than a savings account? my logic is that a savings account will probably be less accessible and will also be at a pants rate of interest.

But is there any limit on a pre paid cc - would i be peanalised for having one by the OR?

Thanks

Puzzled

Hi Puzzled,

I went BR on 30/3 and opened a Yorkshire BS Internet Saver A/C, it got opened straight away and I now have a Link Card and a PIN number. I put money in with my Visa Electron Card ans by SO through my Co-Op account and it works great.

Good Luck
ROML xx

december

You could always have piggy banks with different titles on them, that's what I did originally, i.e haircuts, car tax etc although it might not work for everyone.:)

December

Puzzledbubbles

Well, i have just ordered my pre-paid cc - have decided im going to take the advice that you lovely people have offered and am going to split the monthly items.

I have totted up my monthly "savings" and am going to split it between a shiney new sealed tin and the prepaid cc. That way i have money i can access in a hurry if i need to and then the rest i can save until i really need it.

I am a bit worried about the clauses that say if Virgin go bust i have no come back and the money on the card is gone for good - but then i guess by splitting the money im going for the best option, i hope lol

Thanks for the words of wisdom guys

Puzzled x

philnicandamy

Problem is PB almost every pre-paid card offers NO protection should things go pear shaped...best not to keep much on in one go really

foolishboy

I opened a Nationwide CashBuilder account pre discharge without problems, you can apply online too.

HTH
Foolish

philnicandamy

Hmm but didnt you need £100 to open? (memory serves me right i'd thought about that one & didnt have a spare £100)

iquit

philnicandamy wrote: »

Hmm but didnt you need £100 to open?

That's right Phil

A CashBuilder Card account is right for you if...

• you want a savings account that's designed for convenience
• you want to be able to run the account through a branch using a cash card, via cash machines or over the Internet or telephone
• you want competitive interest rates on a savings account with flexible features
• you have at least £100 to open the account