Bank Accounts with Real Time Transactions

hello9812

Hi I currently work freelance in the arts, and as a result my income is quite up and down. I am frequently busy however still due to the amount of free work, and working I do at home. Currently I bank with Lloyds and continually end up in my overdraft as a result of a) transactions not appearing immediately, when I've used my card, not even as pending transactions. Then three days later, they appear on my statement, they take the money out, I'm in my overdraft, and Lloyds are charging me £10 a day. I can't get a planned overdraft with them, as my income is not high enough, and it really grinds my gears that they see fit to charge me £10 a day, considering it's Lloyds, the bank who when they went significantly more overdrawn than me, got a bailout in the billions. So my question is are there any retail high street banks that have real time transactions on your card in the same way that Monzo cards work? I have a monzo card, but would like one I could just go to the high street and deposit money, as opposed to doing this with Lloyds then sending it onto my Monzo card. It only takes a minute, but repeatedly it adds up.

damoC

Hsbc seem pretty good. It still takes a few days for the money to come out on a card purchase although what you spend is kind of 'put aside' so you can't spend it again.
The only place I have found it doesn't do this is at pay at pump petrol, instead it takes a pound (I imagine to validate the card) then it takes the amount a few days later.

omega27

Look at Starling Bank, nearly as immediate as Monzo and probably as real-time as you can get for a current account. Also, you can pay in over the counter at a NatWest bank to their account with your account reference number and it appears the next day in your Starling account.

colsten

Forget the notion that you can use your bank account as a budgeting tool because you can't, for a whole host of reasons.

Get a personal finance app instead. YNAB is very popular with MSE users.

worried_jim

Monzo show transactions within seconds. Excellent customer service.

https://monzo.com/

agrinnall

Bear in mind that with any card that guarantees real time transactions you run the risk of being unable to complete a transaction with that card if the retailer, merchant acquirer or card issuer is suffering any sort of communications problem.

Shakin_Steve

Maybe it would be easier to just keep track of your spending. Something as simple as a notepad and pencil in your pocket would do the trick.

colsten

worried_jim wrote: »

Monzo show transactions within seconds. Excellent customer service.

So do most banks if the retailer sends them the transaction details there and then. There is no guarantee for that. Even if this did always happen, a bank account will still not show you what your spending commitments over the next few days or weeks are. Most people will have commitments that involve more than card payments.

Trying to use a bank account as your personal finance management tool is bound to lead to problems sooner rather than later.

colsten

Need I say more. You might get stranded with no means to pay if you rely on just one payment method, too.

https://forums.moneysavingexpert.com/discussion/5675391

eskbanker

hello9812 wrote: »

it really grinds my gears that they see fit to charge me £10 a day, considering it's Lloyds, the bank who when they went significantly more overdrawn than me, got a bailout in the billions.

Seems odd to choose this aspect to get worked up about, but if it makes you feel any better, you could always open an account with another bank that wasn't involved in bailouts nearly a decade ago and pay your £10 a day to them instead (or perhaps less)!

ERICS_MUM

Why not just keep your receipts, tot them up every evening and work out what you have left. Make allowances for any DD, SO or cheques in the pipeline and TA DA - you know how much money you have in your account.