Need a "no overdraft" card to stop overspending budget!

fastguy

Where can I get a card that allows me to transfer from my main current bank account a set amount of spending money each month, & then withdraw cash, spend in shops or on-line, but doesn't EVER let me spend more than I have for the month.
Most savings accounts with a card only seem to let you get out cash at ATMs. My bank first Direct has no accounts that don't let you overdraw (since that's probably how they make all their money from fee-free current accounts that have little credit cash in them).
Pre-paid have fees & I couldn't see one in the MSE guide that allows you to transfer money into it automatically. The fees to the cardholder seems unfair if you use it alot so that the merchants pay them.
Looked at Moneysupermarket & thought Coventry BS "Coventry First" was a suitable account since "No overdraft facilities" was listed as a drawback, but then had "£250 interest free overdraft limit" as a benefit. ?????? Can anyone explain?
Any ideas?

magni

I use a basic current account for spending money. It has no overdraft facility, can be used in cash machine and is also a debit card. HTH

Chrisblue1962

I have two basic bank accounts - use one for direct debits / bills and other for personal spending.

I also have a pre-pay AA Spend and Earn card which I load with cash for my monthly petrol / travel expenditure from my bank account, which helps "ringfence" the money for this purpose.

Many people on MSE use the "two accounts" system, some having more than two.... Co-op's cashminder is ok as the card is a Visa Electron debit card which can be used at all cashpoints and the Post Office too

Hope this helps

headoutthesand

I have a basic with HBOS and use it for my direct debits

Toe-Jam

Have a look at the O2 wallet, comes with a visa card, and free atm withdrawals. You load it from your account and spend what you have in there.

camuk81

Fastguy.

I bank with first direct. Maybe its worth looking at removing the overdraft and signing up to the online banking and text message both are free (though the text messages may incur a charge if you get texts every day on say two accounts)

I use my First direct account this way and along with a spending diary I keep a log of everything.

fastguy

Thanks everyone. Coventry BS First Account is the winner!
My "two account" system quest has been frustrating due to very poor bank website information. None of them specify charges for going overdrawn by using debit cards in shops, they only explicitly give charges for returning DD or SO payments. So I had to ring around or email with my questions.
First Direct & CooP don't do any accounts where you cannot overdraw & incur charges. If you submit a payment they will honor it & charge you fees. Even the Cashminder aimed specifically at those with poor credit records. I think it's unethical & am very disappointed with the CooP.
"Coventry First" initially didn't answer my email question & said I should know my balance & not try to withdraw more than I had, but eventually told me by email (nice to have it in writing!) in response to my question about what if I try & buy something that puts me over my fee-free £250 limit:

"I can confirm that if a company requested for a debit card payment that is greater than a balance held within an account at the Society the Society will refuse the payment with no charges."

I was beginning to think the only way to prevent myself overspending was to get cash out each week!

Chrisblue1962

fastguy wrote: »

Thanks everyone. Coventry BS First Account is the winner!

Love it :rotfl:I may even have a look at this account, thanks.

Toe-Jam

I have Coventry First. Their Internet banking is rubbish. faster Payments take minimum 24 hours to go through if your sending them, and about 2-3 hours minimum if your receiving them.

They removed the ability to set up bill payments to "people" online you have to call them now instead.