Emergency cash

Shadow_Hunter

Apologies if this is the wrong category. It’s the best fit I could find. 

Hi,
I always keep emergency money in various places (<£20 and always notes which is easier to stash and lighter) in case I lose, forget, break my phone. Examples could be car, weekend/going away bag, hiking rucksack,house etc. On the recent occasions this has happened the premises etc didn’t or wouldn’t take cash any more, so having emergency cash is useless.
Any suggestions for emergency money that isn’t cash, doesn’t have full access to my bank account and won’t be a detrimental to my credit score. I want to replace/add to my current emergency stashes, so I’ll need several. Hopefully there is a simple solution. 

Thanks

MyRealNameToo

Shadow_Hunter said:

Apologies if this is the wrong category. It’s the best fit I could find. 

Hi,
I always keep emergency money in various places (<£20 and always notes which is easier to stash and lighter) in case I lose, forget, break my phone. Examples could be car, weekend/going away bag, hiking rucksack,house etc. On the recent occasions this has happened the premises etc didn’t or wouldn’t take cash any more, so having emergency cash is useless.
Any suggestions for emergency money that isn’t cash, doesn’t have full access to my bank account and won’t be a detrimental to my credit score. I want to replace/add to my current emergency stashes, so I’ll need several. Hopefully there is a simple solution. 

Thanks

Not sure why you are dotting amounts under £20 around your home?  By the sounds of it unless you are at home when said emergency happens you are only going to have one or possibly two of those stashes with you and even £40 won't get you too far is you break your smartphone. 

Most people use cards, either a debt card if their emergency fund is just sitting in a current account or a credit card if things need to be moved around to actually access the funds so the CC gives you over a month to sort it. 

Credit scores are a touchy subject around here, a debit card, as long as the account doesnt have an overdraft, won't appear on your credit record and a well used credit card in principle is likely to improve rather than worsen your credit history however there are caveats on that. 

Northern_Wanderer

What's wrong with carrying a bank card? You don't "have" to pay with the phone.....

Shadow_Hunter

Thanks MyRealNameToo,
I only use the money to tide me over for the day usually. I am usually out on the spur of the moment hiking, visiting places or taking photographs. If I find I’ve forgotten to pick-up my phone (bank card on phone) and I am many miles from home, I don’t want to have to turn round and pick it up. I just need enough for drinks and food for the day.
The money at home is just to replace the emergency money that I used. 

I think I’ve heard about loading travel credit cards or children’s credit cards that you can add money to. If they exist then maybe I could use something like that?

On-the-coast

Wise or Revolut would do you want - they act as prepay cards for multiple currency - obviously including sterling. 

Garmin-pay is my ultimate backup.   (Apple Watch does the same but will probably be out of battery when you need it!)
I also generally have a few hundred in cash just in case the lights go out….

Brie

I think what you need is simply an account with a small balance which you use with a plastic debit card.  You're likely to have a certain amount of ID with you while hiking (or you should) and a card with that that accesses an account with maybe £200 in it will be adequate for any minor hiking emergency.  And if someone steals it and manages to get at your account they can only get £200 or less.  Maybe a basic bank account at an unrelated bank to what you normally use would work for this.

Shadow_Hunter

Thanks on-the-coast and Brie,
I have ID permanently in my hiking bag and photography bags, so I could add a card with the ID. I forgot to mention, I was concerned that any new cards or bank account might expire due to lack of use.
I’ve had a Google and as you suggest on-the-coast Garmin pay could be my best solution. I use a Garmin satnav as backup to my paper maps. I could buy a Garmin pay compatible watch. For some reason I didn’t think Garmin pay was compatible in the UK.

On-the-coast

Research which uk banks support garmin pay.  Last time I checked it wasn’t many.   I’ve linked my Santander account. 

QrizB

What I did was open a second current account with a different bank to my main one (worth having anyway, in case the usual bank has an IT issue). Keep a limited amount of cash in the second account and take that debit card out with you.

You could even move a regular low-value bill payment to the new account (water bill, perhaps?) to provide some account activity and avoid any risk of it being considered dormant. You'd need a standing order from your main account to keep the second one topped up in this case.

(This is essentially the same as Brie's suggestion, and I'm not trying to take credit for their idea, simply amplifying it!)

Myci85

I have a starling account that I use purely as an occasional account. For me it is more for spending money when we go abroad as there are no fees, but I haven't incurred any issues with very occasional use, and it is very simple and straightforward to use. I believe you can even get a few cards linked to the account, which may enable you to leave one in your car and one in your hiking bag etc. 

MyRealNameToo

Shadow_Hunter said:

Thanks MyRealNameToo,
I only use the money to tide me over for the day usually. I am usually out on the spur of the moment hiking, visiting places or taking photographs. If I find I’ve forgotten to pick-up my phone (bank card on phone) and I am many miles from home, I don’t want to have to turn round and pick it up. I just need enough for drinks and food for the day.
The money at home is just to replace the emergency money that I used. 

I think I’ve heard about loading travel credit cards or children’s credit cards that you can add money to. If they exist then maybe I could use something like that?

You could use a prepaid card but they often come with fees if they arent used sufficiently and why would you want to have those? 

You could look at some form of account that lets you have more than one card and therefore in your bags with your ID and £20 you also keep a card. For example with Starling you can have two physical cards, they could live in your bags plus then the electronic card in your phone. AmEx are good in this space because you can have any number of cards for yourself on the one account but given AmEx isnt as widely accepted it may not be the best for this. 

A starling account won't be closed for non-use without warning if you have funds in it. If they do give you 60 days warning then simply use it one and the clock resets.