Spending limits

INAMESS

Hi, does anyone know of a bank that lets their current account debit or credit card users to be able to set a temporary spend limit, lets say £100 over 12 hours, that would be irreversible? Asking for a friend 🤣

Brie

I think there are limits on some basic bank accounts but don't know specifically for any bank or banking group.

They do have the advantage of no overdraft which in itself sets a limit on how much one can withdraw.

Top Basic Bank Accounts: Bad credit option, no fees - MSE

GrumpyDil

My daughter does this on a bank account by only having a limited amount in the account and no overdraft.

INAMESS

I’ve only got one current account and one credit card account, my current account does have a fair amount in it which may be an issue

GrumpyDil

General advice is to have at least two current accounts on order to have options if your bank has technology issues.

In your case you could easily open up a Monzo/Revolut/Chase account (other similar banks are available) which would give you an option of a back.up account and could be used in the way I suggested above.

INAMESS

So I open another current account and only put so much money in it at any one time which will restrict my spending on a night out for example?

Emmia

INAMESS said:

I’ve only got one current account and one credit card account, my current account does have a fair amount in it which may be an issue

You could open a second account, transfer in a weekly spend via standing order, and then leave your existing main account as the feeder account.

This is what I do. I tend to sweep any excess into a linked instant access savings account, and use that to deal with "more expensive weeks..  e.g. if I go for drinks with a friend" by transferring it back to my spending account.

If the money in the linked savings goes above £500 ish I move that to my ISA/premium bonds.

I'd also have the account with a different banking group, so you use different apps/websites to access the account - this means you don't see your feeder and spending accounts alongside each other.

Rob5342

I've never seen any bank that lets you block access to your own money.

Monzo might be worth considering, you can put money aside in pots leaving only what you want in your man balance, this is similar to what Emmia does but without having to mess around with different accounts. Monzo do let you lock the pots to stop withdrawals, but you can easily unlock them again. Starling do something similar with their spaces and you can also have a connected card with a limited balance. I don't think any of the old fashioned banks offer anything remotely like that.

Emmia

Rob5342 said:

I've never seen any bank that lets you block access to your own money.

Monzo might be worth considering, you can put money aside in pots leaving only what you want in your man balance, this is similar to what Emmia does but without having to mess around with different accounts. Monzo do let you lock the pots to stop withdrawals, but you can easily unlock them again. Starling do something similar with their spaces and you can also have a connected card with a limited balance. I don't think any of the old fashioned banks offer anything remotely like that.

Using a second separate account means you cannot "see" the other money. You can only "see" it if you log into a completely different app/website. 

It's a small step, but psychologically I find it easier to budget like this. I also have my savings mostly with other providers than my main accounts.

IOWJJBTM2025

I have a chase account and it includes a spend & Save accounts. I move money as I need it from the Save account into the spend account very easily using an app on my phone.
I can only spend what is in the spend account and it has a debit card that I can use for purchasing.
The other bonus is that the save account gets interest.

INAMESS

Being honest what I’m trying to do is restrict my spending when on a night out as I get carried away and don’t have much will power so thought there’d be some way of putting a temporary block on my card