Suits Me Review

Company information

Suits Me® started in 2015 helping customers who needed an account quickly and are looking for an alternative to using a high street bank.

Suits Me® have created an award-winning e-account and debit card solution with a cashback reward scheme when you use your debit card in certain retailers. 

Suits Me® provides all account holders with a e-money account and a contactless Mastercard® debit card with a secure online money account and free mobile app to manage their finances.

Suits Me® is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. They are stating at their website that any funds received by thei clients are held in a segregated account so that in the unlikely event that PrePay Technologies Limited becomes insolvent the funds will be protected against claims made by creditors. Suits Me® is a fee-paying e-account. Further details can be found on Suits Me® costs and Terms and Conditions pages.

Pros and cons

Pros:

• Accessibility: Suits Me UK aims to provide banking services to individuals who may have difficulty accessing traditional banking services, such as those with poor credit history or no proof of address.
• Prepaid Card: Suits Me offers a prepaid card that can be used for various financial transactions, including online and in-store purchases, ATM withdrawals, and receiving direct deposits.
• Online Banking: The service provides online banking facilities, allowing users to manage their finances, view transactions, set up direct debits, and perform other essential banking tasks remotely.
• Faster Payments: Suits Me supports Faster Payments, enabling swift and convenient transfer of funds between Suits Me accounts and other UK bank accounts that also support Faster Payments.
• Multilingual Customer Support: Suits Me offers customer support in multiple languages, which can be beneficial for individuals who are more comfortable communicating in languages other than English.

Cons

• Fees: Suits Me may have fees associated with its services, such as card issuance fees, transaction fees, and ATM withdrawal fees. It's important to review the fee schedule and understand the costs involved.
• Limited Services: Suits Me is primarily focused on providing basic banking services, so it may not offer the full range of services that traditional banks provide, such as credit facilities or investment options.
• Deposit Protection: Suits Me is not covered by the Financial Services Compensation Scheme (FSCS), which means that funds held with Suits Me are not protected by FSCS deposit protection. It's essential to be aware of this distinction in terms of account security.
• Network Limitations: The availability of in-person services and physical branches may be limited compared to traditional banks, which could potentially pose challenges for certain individuals who prefer face-to-face interactions or require specific banking services.

Who is it for?

Suits Me® services are available for individuals in the UK, including those who may have difficulty accessing traditional banking services.

Onboarding process

Opening an account is quick and easy using the online application form.

Once complete, your account will be open within 10 minutes and you’ll gain instant access to your account number and sort code. Your free contactless Mastercard® debit card will then arrive in the post within 3-5 working days which contains a letter with instructions to activate your online money account. 

Before starting the process, please ensure you have the following available in order for the application to run smoothly:

• Information including your UK address (for the card to be sent to), email address and mobile number
• One form of valid ID (UK driving licence, passport or national ID card if you are an EU citizen)
• A device with camera access to provide a selfie

Plans

Key feature

1. Prepaid Mastercard: Suits Me provides a prepaid Mastercard that can be used for various financial transactions. The card allows users to make purchases online and in-store, withdraw cash from ATMs, and receive direct deposits.

2. Online Banking: Suits Me offers online banking facilities, allowing users to manage their finances conveniently. Through the online platform, customers can view their account balance, review transactions, set up direct debits, and perform other essential banking tasks.

3. Faster Payments: Suits Me supports Faster Payments, which enables customers to transfer funds quickly and easily. This feature allows for swift transfers between Suits Me accounts and other UK bank accounts that also support Faster Payments.

4. Mobile App: Suits Me provides a mobile app for iOS and Android devices. The app allows users to access their accounts, check balances, view transactions, and make payments on the go.

5. Multilingual Customer Support: Suits Me offers customer support in multiple languages, catering to individuals who prefer to communicate in languages other than English. This feature aims to provide assistance and support to a diverse range of customers.

6. Direct Debits: Suits Me allows customers to set up and manage direct debits, providing a convenient way to pay recurring bills or subscriptions.

Bottom line

Suits Me® is a financial services provider offering accessible banking solutions for individuals who may have difficulty accessing traditional banking services. They provide a prepaid Mastercard and online banking facilities, allowing users to make purchases, manage their finances, and receive direct deposits. With a focus on inclusivity and multilingual customer support, Suits Me UK aims to provide convenient and flexible banking options for a diverse range of customers.

*Please Note: Suits Me® is not a bank.  Suits Me® offers online money accounts that offer many of the features that you would expect to find in a traditional bank account.