Cashplus account

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  • Abbey1991
    Abbey1991 Posts: 159 Forumite
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    Depressing that the "unbanked" pay more in fees whereas clued up MSErs run around milking all the offers, despite not needing the money.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    SnowTiger wrote: »
    There's a charge of £4.25 a month;
    £1 per ATM withdrawal;
    50p to make a Faster Payment; and
    50p for each direct debit.

    Alternatively, Cashplus offers no monthly fee;
    ATM withdrawals are free;
    Faster Payments are free; and
    Direct debits are free.

    And punters earn £4.05 (paying a £5.95 for card and getting a £10 credited to their account). Sign up via https://www.moneysupermarket.com/prepaid-cards/.

    Cashplus customers are also likely to be offered a credit card after keeping their account in good order for a while.

    Or there's Loot. It doesn't offer direct debits or standing orders at the moment. It's easy to get an account and there's (virtually) no charges.

    Screen+Shot+2017-08-18+at+13.42.36.png

    you quoted my post but what is your point? It escapes me.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Abbey1991 wrote: »
    Depressing that the "unbanked" pay more in fees whereas clued up MSErs run around milking all the offers, despite not needing the money.

    To elaborate on my post on this subject from this thread, with the existence of basic bank accounts there is really no need these days for anyone to go prepaid as they once did. However some people are unbanked by choice. What escapes me are those who think they are getting away from banks by going prepaid. Not so because their money is usually held, wait for it, in a bank!

    Do prepaid customers really pay more for their bank account? That depends on how often those with "real" bank accounts pay fees. It's already been said countless times by those better than I that free bank accounts are not really free!
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    SnowTiger wrote: »
    There's a charge of £4.25 a month;
    £1 per ATM withdrawal;
    50p to make a Faster Payment; and
    50p for each direct debit.

    Alternatively, Cashplus offers no monthly fee;
    ATM withdrawals are free;
    Faster Payments are free; and
    Direct debits are free.

    And punters earn £4.05 (paying a £5.95 for card and getting a £10 credited to their account). Sign up via https://www.moneysupermarket.com/prepaid-cards/.

    Cashplus customers are also likely to be offered a credit card after keeping their account in good order for a while.

    Or there's Loot. It doesn't offer direct debits or standing orders at the moment. It's easy to get an account and there's (virtually) no charges.

    Screen+Shot+2017-08-18+at+13.42.36.png

    Ok how about the Arro Personal contactless Debit MasterCard then. Again compares favourably with Cashplus and has a separate credit building account. Practically the only eyebrow raiser is the £15 charge for failed direct debits. Currently under construction but the are offering an early access basic card now which me might refer to as "Beta".

    There are more prepaid cards and accounts available which one might not initially know about.
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
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    Anthorn wrote: »
    Ok how about the Arro Personal contactless Debit MasterCard then. Again compares favourably with Cashplus and has a separate credit building account. Practically the only eyebrow raiser is the £15 charge for failed direct debits. Currently under construction but the are offering an early access basic card now which me might refer to as "Beta".

    There are more prepaid cards and accounts available which one might not initially know about.

    I have one of those. :j

    Scan_20180213.png

    There's a £1 fee for ATM withdrawals and outgoing faster payments.

    Direct debits are 'coming soon' according to the main blurb, but are detailed in their price guide: free to set up.

    Foreign usage is expensive.

    Card activation and customer service is via a 0844 premium rate phone number. Naughty and illegal.

    Card is quite pretty. It looks better in real life than it does in the scan.

    Like most of its competitors, Arro uses Wirecard for back-end services. Wirecard's reliability is up and down like a yo-yo.

    I'm not aware of any credit building features it offers.

    Definitely work in progress.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    As I explained, Arro is under construction or what we might call under development. The link on their home page, "Improving your credit score with the Arro Credit enabling bank account" at this time leads to advice about improving a credit score" which at this time is not related to an Arro account.
  • Ian011
    Ian011 Posts: 2,432 Forumite
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    SnowTiger wrote: »
    I have one of those. :j

    Card activation and customer service is via a 0844 premium rate phone number. Naughty and illegal.
    Report this to the FCA as a breach of FCA regulations GEN 7.2 and DISP 1.3.
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