ClearCash current account now gives instant account details

gregor123

Hi Everyone,

Some good consumer advise here... The ClearCash current account now appears to give everyone their account number and sort code instantly (if verified).

This is a great added feature which appears to be very recent... so anyone requiring a bank change, this could have you up and running in minutes!

MG:T

Archi_Bald

What are the costs?

SnowTiger

gregor123 wrote: »

Hi Everyone,

Some good consumer advise here... The ClearCash current account now appears to give everyone their account number and sort code instantly (if verified).

This is a great added feature which appears to be very recent... so anyone requiring a bank change, this could have you up and running in minutes!

Beware of the fees.

Some of the mainstream banks give account details immediately. Off the top of my head I think Barclays do.

gregor123

Hiya - yes should for transparency mention the costs. Apologies... I am a customer of theirs and they have been a life saver for me throughout my financial journey - wont bore you with the details.

They have 2 options... Pay Monthly & Pay As You Go.

Pay Monthly has a £9.95 monthly fee and ATM fee of 50 pence (which is the lowest in the prepaid current account sector)

PAYG has no monthly fee but each time you use the card for a transaction, you get get charged 2.5% and ATM fee is 75 pence.

This is an alternative to basic banking and whilst they are "FREE", if mis-managed, can cost more than what ClearCash does, plus because it is prepaid, you cant become overdrawn.

Worth mentioning these "FREE" accounts on average cost the consumer over £150 per year - this was according to the OFT 2 years a go...

gregor123

SnowTiger wrote: »

Beware of the fees.

Some of the mainstream banks give account details immediately. Off the top of my head I think Barclays do.

Ye most high st banks do i think but this is a viable option for people that arent fortunate to be able to open a normal bank account whether it be because of debt problems or new to the UK etc...

I strongly believe that the UK will see an end to "free banking"

SuperHan

Natwest also give bank details immediately - you still have to wait for the debit card to arrive for most switches though as you can't say no to a card, and I believe you need those details if there is a card on the switching account.

SnowTiger

gregor123 wrote: »

Hiya - yes should for transparency mention the costs. Apologies... I am a customer of theirs and they have been a life saver for me throughout my financial journey - wont bore you with the details.

They have 2 options... Pay Monthly & Pay As You Go.

Pay Monthly has a £9.95 monthly fee and ATM fee of 50 pence (which is the lowest in the prepaid current account sector)

PAYG has no monthly fee but each time you use the card for a transaction, you get get charged 2.5% and ATM fee is 75 pence.

Ffrees is generally cheaper. And the card's free too. And, IIRC, they give you your account number and sort code straight away.

gregor123 wrote: »

Worth mentioning these "FREE" accounts on average cost the consumer over £150 per year - this was according to the OFT 2 years a go...

My "FREE" current accounts pay me more than that every year.

I wonder how much the average ClearCash customer pays in fees every year.

ClearCash doesn't seem very MSE to me.

gregor123

SnowTiger wrote: »

Ffrees is generally cheaper. And the card's free too. And, IIRC, they give you your account number and sort code straight away.



My "FREE" current accounts pay me more than that every year.

I wonder how much the average ClearCash customer pays in fees every year.

ClearCash doesn't seem very MSE to me.

Thanks for your post - Ffrees looks like one of the new guys in the market. On the face of it I will agree that it looks good and they have a few tariffs but not much functionality. Does it do direct debits, standing orders etc?

I know that the ClearCash account has all the functionality of a basic bank account (apart from cheques) and also recently released real time loading at the post office (so think of the post office as your branch!)

Another good thing (that I utilise) is the Credit building service that they have. This is a great alternative to a high APR card...

based on the above, i IMO do feel that it is very MSE - It is a genuine and transparent (as well as well established) alternative to a bank account.

They wont suit all, but people that dont like banks or for whatever reason cant open an account should give these serious thought:rotfl:

anoncol

gregor123 wrote: »

Hiya - yes should for transparency mention the costs. Apologies... I am a customer of theirs and they have been a life saver for me throughout my financial journey - wont bore you with the details.

They have 2 options... Pay Monthly & Pay As You Go.

Pay Monthly has a £9.95 monthly fee and ATM fee of 50 pence (which is the lowest in the prepaid current account sector)

PAYG has no monthly fee but each time you use the card for a transaction, you get get charged 2.5% and ATM fee is 75 pence.

This is an alternative to basic banking and whilst they are "FREE", if mis-managed, can cost more than what ClearCash does, plus because it is prepaid, you cant become overdrawn.

Worth mentioning these "FREE" accounts on average cost the consumer over £150 per year - this was according to the OFT 2 years a go...

My banks do cost me nothing. What benefits does this account actually have?

gregor123

anoncol wrote: »

My banks do cost me nothing. What benefits does this account actually have?

It costs you nothing as you (im guessing) manage your finances well and havent had the unfortunate experience of running in to debt and incurring overdraft fees or bounced direct debit fees?

These accounts are mainly aimed at the sub prime sector, people who cant get a bank account, or people that are in debt.

speaking as a user of this account (mind you - should charge them for the punt - however as retired, have the time to post) there are many benefits for this sector...

guaranteed acceptance
credit building facility
own account number and sort code
purchase protection on all purchases - you DO NOT get this with a bank account
additional cardholders
standing order and direct debits
SMS and email notifications on each load and payment sent
online account management - i login daily
no risk of being overdrawn
link with paypal

im sure there are others but the above are beneficial to me - someone who in the past has struggled financially

System

IMO a basic (current) account or even savings account with a ATM card are options if there are not CIFAS fraud markers.