pre paid CC vs Savings

Puzzledbubbles

philnicandamy wrote: »

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

Thanks Phil, Im gonna keep an eye on it i think and then every three months see what balance there is and take someout in cash and add it to the tin - hopefully lol

philnicandamy

iquit wrote: »

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

Thanks IQ.....I couldnt remeber why I turned that account down a while ago...Now I do...didnt have a spare £100!


(loving the new you by the way!)

Puzzledbubbles

Thanks foolish and thanks for the confirmation Iquit and the lovely phil of course (you know i think im developing a crush on you phil, you are always there when i need ya lol)

I am not going to open a savings account with a bank yet - i want to wait to do that until discharge really then i can start car savings in a seperate pot.

At the moment i think the cc and the good old sealed tin will let me have the control i need and some freedom at the same time - especially since the largeer portion of savings will be relocated to my nan's house so i have to make a proper effort to get it and cant access it too easily

philnicandamy

awww......shucks! thanks PB

iquit

Can I just hijack this thread and ask if opening a savings account before you're discharged is a no no. I want to open a savings account so that I can keep money out of current account so that I have funds for my annual charges e.g. MOT/road tax/ union/ registration etc etc. Was going to wait until I've had the OR interview.

philnicandamy

you'll struggle to find Iq really till discharge (for some mad reason most savings accs are credit checked!)

what some people have done is wait till after OR interview & open a second barclays/co-op account (your allowed) OR you could save in a credit union

Puzzledbubbles

iquit wrote: »

Can I just hijack this thread and ask if opening a savings account before you're discharged is a no no. I want to open a savings account so that I can keep money out of current account so that I have funds for my annual charges e.g. MOT/road tax/ union/ registration etc etc. Was going to wait until I've had the OR interview.

I was told i could do what i wanted by the OR - but as Phil says most savings accounts are credit checked - i opened one with barclays when i got by post BR account and they closed it when i was declared BR because of that reason.

Thats why i opted for the pre paid cc and the cash saving option. Im sure others will have some different advice thou?

Puzzled x

iquit

Thanks guys.

nickc25

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

Something you should be aware of is that money in a prepaid card is not protected. So if the company goes bust or anything like that your money is gone. I never have more than £100 on mine because I would not be comfortable to lose anything more than that if something happened.

Puzzledbubbles

nickc25 wrote: »

Something you should be aware of is that money in a prepaid card is not protected. So if the company goes bust or anything like that your money is gone. I never have more than £100 on mine because I would not be comfortable to lose anything more than that if something happened.

thanks Nick,

I read through all of the t's and c's and will be taking out anything over a certain amount every other month and adding it to my sealed pot