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Bank accounts with no overdraft?
in Budgeting & bank accounts
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However if you receive a payment and transfer it elsewhere and the payment gets reversed, or if the bank needs to charge you for something for any other reason, then you will go overdrawn.
People hanging out on https://forums.moneysavingexpert.com/categories/debt-free-wannabe might be more aware of accounts that would meet the OPs needs
Having searched the issue it appears sadly that the law protects them
I must admit to losing the plot as this thread has progressed but that seems solely because of frustration on the part of those trying to "force" solutions on to O/P which are not matching his criteria.
I have no magic solution where other posters have failed but I hope some of the posts will have given Rondo food for thought and might result in a brainwave of his own ( if "nuts" can have brainwaves ).
For the record, my own suggestion is the same as the second post on this thread---the first reply to Rondo : get two or more accounts with your present bank. I have a Number1, 2 and 3 Account and my bank customises them to suit my needs with regard to each of them.
Good luck with your own conundrum, Rondo----and a very Happy New Year.
If they attempt payment (and the account balance is zero) the transaction is declined. No need for a phone app to use it online, you can log in and manage it using your computer.
The only thing that might be a limitation here is if the OP purchases anything online not in £, as this account can’t do this.
I use the Pockit pre-paid debit Mastercard for fuel and shopping purposes to gain 3% cashback at Sainsburys (inc Sainsburys fuel). There’s a £1.99pm fee, with a current option to pay for a year upfront with 12 months for price of 10. You only need to spend £67pm at Sainsburys or another cashback partner to effectively get the £1.99 back.
I’ve not moved £thousands through the card but they absolutely will decline payments if no/insufficient funds are available and there’s no ‘consequence’ for having a decline (other than the obligatory embarrassment). Does not work at Pay at Pump facilities.
If my cashback exceeds £1.99 (which is always), I use the NS&I direct saver to pay in via debit card and skim off the cashback.
whilst I do not understand your reasoning in the slightest (I am absolutely pro fintech apps and credit cards), we are all entitled to our own opinions.
Hope this helps.
Jan = £715 / £1,000 - Feb = £1,275 / £1,000 - Mar = £400 / £1,000 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £