Bank accounts with no overdraft? 25 November 2022 at 7:34PM in Budgeting & bank accounts 29 replies 1.4K views

phillw

Rondo said:
I build windows applications and secure web applications for a living, so I understand the security risks there well enough to be comfortable with them.  I don't particularly know anything about Android or phone hardware.

It's pretty much the same, no computer system is secure. Install security updates regularly, don't click on anything dodgy.

phillw

p00hsticks said:
Fair enough - but my comment was also directed at those who think that just because they don't have an arranged overdraft it's not possible for them to go overdrawn.

Well it should be pretty difficult to go overdrawn if you don't have an overdraft. I was under the impression card payments were all online now as batch mode was allowing too much fraud with stolen contactless cards that had been cancelled months prior.

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

Rob5342

If you think about it then having an arranged overdraft actually gives you more protection. The bank will refund any fraudulent transactions, so having an arranged overdraft will mean.you are more likely to be able to spend until you get the refund.

I don't think you will find anything that satisfies you completely  You will need to adapt your thinking to what's available

Worried_of_wakefield

Read this thread with interest, my reason for wanting such a facility is to double protect against 'auto renewal' as well as internet purchases. Despite my insistance to remove 'Auto-renewal at the outset I am still under attack from some nefarious characters, usually insurance companies. 12 month on I'm left thinking 'did I make my wishes clear'

Having searched the issue it appears sadly that the law protects them

Richard1212

I do not agree with the derogatory comment that Rondo is coming over as a conspiracy "nut"---------far too many newcomers who forumites are incapable of providing an answer for are treated in that sort of fashion on this forum. 

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.

username

I have a Wise card for this very reason, you know, trial services you sign up to and forget (or are lazy to cancel) etc.

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.

mab3000

This account would probably suit the OP. It’s a basic account that is available to anyone not just people with a bad credit history and no overdraft available. Can’t do direct debits though doesn’t sound like the OP would need this. Needs to be opened in branch, and you don’t have to have the app. 

https://www.metrobankonline.co.uk/bank-accounts/products/cash-account/

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. 

MrFrugalFever

Dear OP,

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.

pridehappy

Nationwide FlexAccount and FlexPlus don't allow unarranged overdrafts and you aren't required to apply for an overdraft with the account - plus you get top customer service, access to savings accounts, credit cards (if you want them) and many other member-only products. FlexPlus does come with a monthly account fee, although also has insurance benefits which are very useful and of great value. FlexAccount is totally free and acts just like a bank account, just without unarranged overdrafts.