CardOneBanking is an Authorised Payment Institution regulated by the FSA with funds held with their bankers Barclays. They offer a managed UK personal current account complete with prepaid Mastercard debit card.
With this managed (rather than basic) account, which they call the ‘Jam-Jar’ current account, a salary or other income is paid into a ‘billing account’ and once enough funds have been set aside for regular bills using ‘rules’ to determine what proportion of any income should be used for these regular outgoings, any remaining money is automatically transferred to the Mastercard debit card part of the account and is available for normal spending. This ensures there should always be enough money to pay bills without going overdrawn.
Extra funds can be added to the ‘billing account’ at any time and funds can also be transferred from the card account back to the ‘billing’ account’ (£5 fee applies).
The account is available to anyone who is a UK resident over 18 (subject to identity and residency checks). Individuals with an adverse credit history and even undischarged bankrupts and those in an IVA can open an account. There is a monthly management fee of £12.50 (£17.50 for 2 names on the account).
There are no application or set-up fees.
What CardOneBanking offers:
- A ‘guaranteed’ (subject to conditions) managed ‘jam-jar’ personal current account for those resident in the UK (subject to identity checks).
- No credit checks. Undischarged bankrupts or those with an IVA (Individual Voluntary Arrangement) will be accepted. Identification and address checks will be carried out. If they cannot verify identity / residency details they may ask for original ID documents as proof.
- Mastercard prepaid debit card. Funds are loaded automatically onto the prepaid Mastercard from the ‘billing’ section of the account. The prepaid debit card can be used at over 30 million places worldwide to buy goods and services as well as access cash at Mastercard ATMs. The card can also be used for online and phone transactions.
- Direct Debits and Standing Orders.
- There are no fees for refused Standing Orders, Direct Debits or Electronic Bank Transfers. If a Standing Order, Direct Debit or Electronic Bank Transfer cannot be made because of insufficient funds the bank will inform the account holder by text so funds can be added and if they do nothing then the payment will been halted.
- Pay in salary/wages using BACS.
- Pay in cash and cheques using the pre-printed GIRO at Barclays branches for free.
- Pay in cash at Post Offices (max. £500, £1 charge for this) but not cheques.
- Withdraw up to £450 in cash per day using the prepaid Mastercard debit card at any cash machine in the UK and abroad displaying the Mastercard symbol. Withdrawals are subject to sufficient funds being available. Some ATMs may charge a fee.
- Online banking, automated telephone account access and mobile account access using SMS text messaging.
- Text alerts for bill payments, payments in.
- Online statements.
- No overdraft facility.
- No cheque book.
- Cannot use prepaid Mastercard at LINK ATMs.
- Monthly management fee of £12.50 (£17.50 for 2 names on the account).
No interest is paid on account balances.
Some of the fees for this CardOneBanking managed account include:
Account closure £10.00.
Transfer from the prepaid card account to the billing account £5.00.
CHAPS outbound payment to nominated account £30.00.
Printed account statement £5.00.
UK point of sale transaction Free.
Non-UK point of sale transaction Free, but please note foreign exchange fee of 2.75% of the transaction value per purchase transaction.
£1.50 for ATM withdrawals within the UK.
£3.00 plus 2.75% of the transaction value for ATM withdrawals outside the UK.
£5.00 for a cash advance within the UK.
£5.00 for a cash advance outside the UK.