Founded in 2015 with a mission to promote financial inclusion, Suits Me has swiftly emerged as a leading digital banking solution in the United Kingdom. Suits Me is dedicated to providing accessible and inclusive financial services, particularly for individuals who face challenges with traditional banking systems. This includes those with poor credit histories, newly arrived immigrants, and people without a fixed address.
Suits Me offers a variety of essential banking services designed to meet the needs of underserved populations. Individual customers can open a fully functional current account, complete with features such as direct debits, standing orders, and online banking. The account comes with a prepaid debit card that can be used globally, ensuring the convenience of cashless transactions.
Likewise, one of the standout aspects of Suits Me is its commitment to accessibility. There are no credit checks required to open an account, making it an ideal option for those who have been turned away by traditional banks. Additionally, Suits Me offers multilingual customer support, demonstrating its dedication to serving a diverse customer base and making financial management straightforward and user-friendly for everyone.
In this review, we will dive deeper into the key features and benefits of Suits Me.
Overview
One of the standout aspects of Suits Me is its commitment to accessibility. There are no credit checks required to open an account, making it an ideal option for those who have been turned away by traditional banks. Additionally, Suits Me offers multilingual customer support, demonstrating its dedication to serving a diverse customer base and making financial management straightforward and user-friendly for everyone.
Despite its strengths, Suits Me is currently available only in the United Kingdom, limiting its accessibility to a global audience. Additionally, while it offers competitive rates and innovative features, traditional banking services like physical branches are not available.
Suits Me is transparent about its fee structure, offering various account plans to suit different needs. While there may be some fees associated with account maintenance and specific transactions, the overall cost is competitive, especially considering the accessibility and range of services provided.
In addition, each Suits Me account comes with a prepaid debit card that can be used for purchases and cash withdrawals worldwide. The card offers the flexibility and convenience of cashless transactions and is accepted anywhere that accepts Mastercard. Additionally, cardholders can enjoy features such as contactless payments and secure online shopping.
Moreover, Suits Me provides a robust online and mobile banking platform that allows customers to manage their accounts from anywhere at any time. The platform includes features such as real-time transaction monitoring, the ability to set up direct debits and standing orders, and instant money transfers. These tools empower users to have complete control over their finances and conduct banking transactions conveniently.
Pros and Cons
Pros
- Cashback availability
- Multi-lingual customer services team
- Ergonomic and intuitive app
Cons
- Many different fees to keep track of
- No overdrafts, loans or saving accounts available
- Your money isn’t protected by the Financial Services Compensation Scheme (FSCS)
Account Types
With Suits Me, you have three options for personal current accounts:
- Essential – free of charge
- Premium – £4.97/month
- Premium Plus – £9.97/month
Personal Accounts
Open your account in minutes with no credit checks and get a contactless Mastercard® debit card.
The Essential plan (free of charge) comes with:
- No monthly fees
- No minimum deposit
- Cashback payments paid weekly
- Free contactless debit card
- Free payments with other Suits Me users
- £1.25 fee for electronic payments
- £1.50 fee per ATM withdrawal in UK (£1.50+2.00% fee in Europe and £2.50+2.00% fee of transaction value abroad)
- £2.30 + 2.6% fee for cash deposits at any UK PayPoint
The Premium plan (£4.97/month) comes with:
- No minimum deposit
- Free contactless debit card
- Free payments with other Suits Me users
- Cashback payments paid weekly
- No fee for electronic payments
- £1.25 fee per ATM withdrawal in UK (£1.25+2.35% fee in Europe and £2.50+2.57% fee of transaction value abroad)
- £1.29 + 2.6% fee for cash deposits at any UK PayPoint
The Premium Plus plan (£9.97/month) comes with:
- No minimum deposit
- Free contactless debit card
- Priority support
- Cashback payments paid weekly
- Free payments with other Suits Me users
- No fee for electronic payments
- 4 free ATM withdrawals in UK and a £1.50 fee after (also a £1.25+2.35% fee in Europe and £2.50+2.57% fee of transaction value abroad)
- £0.80 + 2.6% fee for cash deposits at any UK PayPoint
How to open an account
In order to use Suits Me, you will need to complete the steps in their website and also download the app.
Moreover, you will also be asked to provide the following:
- Be over the age of 18 and be a legal resident in United Kingdom
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Selfie for account security
Also, you may be asked a few questions about yourself and the purpose of your account (these questions will not impact your eligibility).
Note that you can only open your Suits Me account in GBP. That’s the only accepted currency!
The Suits Me Card
No matter which account you choose, your Suits Me card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
You can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
Depending on the plan you choose, there will be monthly fees (except for the Essential plan) to pay.
In addition, you will also need to pay for electronic payments, ATM withdrawals (in UK and abroad) and also there is a fee for each cash deposit. Everything said will vary with the plan you choose (as said previously).
Maximum balance allowed
The maximum balance of a Suits Me account is £5,000 for Essential, £7,500 for Premium and £10,000 for Premium Plus. If regularly used and updated, it can be used indefinitely, unless otherwise stated by Suits Me.
ATM limits
Essential account holders can withdraw a maximum of £200 per day, Premium account holders £300 per day and Premium Plus account holders £500 per day. This is refreshed at midnight (London-time).
Transfers
You can receive a maximum of £5,000 a day from the UK with your Suits Me® account. This is by the same Faster Payments, Next Day or CHAPS payments. The maximum balance you can have on the account is £5,000 for Essential, £7,500 for Premium or £10,000 for Premium Plus.
Therefore, you can also send a maximum of £5,000 per transaction!
Safety Measures
Suits Me accounts are e-money accounts that are provided by Prepay Technologies Limited (trading as PPS). PPS is directly regulated by the Financial Conduct Authority of the UK, specifically for the issuance of e-money and the provision of payment services.
While Suits Me is not covered by Financial Services Compensation Scheme, PPS is still important to mention. PPS is directly tied to other safety systems implemented when you use Suits Me. Your money is protected through the process of “safeguarding” which means that your funds are segregated from the platform’s corporate accounts.
Additionally, this segregation ensures that the client’s funds are not used for the platform’s operational expenses and are not subject to any kind of seizure in case of bankruptcy or other legal issues.
In order to ensure your card’s security, Suits Me offers several protective measures:
- Biometric authentication
- Spending limits to avoid unexpected expenses
- The ability to create a one-time-use online card for safe online shopping
- The option to freeze the card instantly
As a result of the fast evolution of new scams, Suits Me is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Suits Me only serves customers within the United Kingdom, offering its innovative financial products to residents across the country. This localized approach ensures that anyone residing in the UK can easily access Suits Me’s diverse range of banking solutions designed to align with ethical and sustainable principles.
Furthermore, this availability means that if you reside in United Kingdom, you can easily open an account and access Suits Me wide array of financial services.
Costumer Service
In the app and user account on the website, customers can access the number of the call center. An email is an alternative option to contacting technical support.
In addition, Aspiration has a live chat where customers can contact managers!
Moreover, the website and app have a basic FAQs section and a blog with up-to-date information on the bank’s activities.
Bottom line
Suits Me has quickly established itself as a valuable digital banking solution for individuals in the UK, particularly for those facing challenges with traditional banking options. Its commitment to financial inclusion makes it an appealing choice for various demographics, including those with poor credit histories and newly arrived immigrants. The ease of account setup, which requires no credit checks, allows users to gain access to essential banking services without the usual barriers.
On top of that, the prepaid debit card is another standout feature, allowing for cashless purchases both in-store and online, making it highly convenient for everyday use. Additionally, Suits Me’s multilingual customer support ensures that a diverse range of users can navigate their banking experience effectively, enhancing accessibility for all.
However, Suits Me has several severe limitations. Above all, it tends to be more expensive than other e-money accounts. While fees can be mitigated if you opt for their Premium or Premium Plus accounts, they are not completely eliminated.
Additionally, Suits Me is currently only available to residents of the UK, which means potential users outside the UK cannot access its services—this may be a drawback for those who travel frequently or seek an international banking solution.
In summary, Suits Me provides a modern, inclusive, and user-friendly banking experience tailored to meet the needs of underserved populations. While it has some limitations, particularly in terms of availability, its focus on accessibility and convenience makes it a strong alternative for anyone looking to take control of their finances without the hurdles of traditional banking.
