Suits Me review: A great alternative to a current account?

If you’re struggling to open a UK current account or fancy using an all-digital alternative, then the Suits Me account could be an ideal solution. Let’s take a look at what the Suits Me Card has to offer and the benefits and downsides of this account.

If you find that you have a poor credit rating or very little financial history in the UK, it can be very difficult to borrow money or even open a current account. The majority of the time, a high street bank won’t touch you, so you have to turn to more expensive solutions instead. But can the Suits Me digital account change all that?

Who is Suits Me?

Suits Me was created back in 2015 as an alternative to traditional banking methods and now boasts over 100,000 customers. Although you don’t receive a full bank account, you will receive an e-account and a debit card, which operate in a very similar way.

Is it safe?

The fact that Suits Me is not a bank might have you a little worried. Unlike a bank, the Financial Services Compensation Scheme (FSCS) does not protect your money. Instead, any money you have stored in Suits Me is kept in a ringfenced account. That means that if anything should happen to Suits Me, your money is kept completely separate and can be claimed back by you.

Suits me is regulated by the Financial Conduct Authority (FCA)

How does it work?

Because Suits Me only provides customers with an e-account, they don’t offer any form of credit. So, if you decide to open an account, there are no credit checks. This makes the account far more accessible to a lot of people.

The whole process is very simple. First, you’ll need to choose which of the three different accounts (more on that below) you want to open. Once you’ve chosen, you will need to provide some official photo ID (a passport or driving licence) and your account should be up and running within 10 minutes. In fact, Suits Me won’t even ask you for your proof of address. You’ll receive a sort code and account number like a bank account.

Your e-money account is managed by online banking, either through your internet browser or you can download the app to your smartphone. You can make bank transfers, set up Direct Debits, Standing Orders, receive payments and your salary just like a usual bank account.

You’ll be sent a contactless Mastercard debit card, which can be used for purchases and you won’t be charged.

The accounts to choose from

There are three accounts available to customers.

The basic account, called Essential, is completely free. Or, you can upgrade to the Premium or Premium Plus accounts for a monthly fee. These paid-for accounts allow you to withdraw money from ATMs or top up your account with cash at a reduced rate.

You also need to be aware that there is a one-off cost the first time you load your Suits Me account – £5 for Essential and £9.97 for the paid accounts.

	Essential	Premium	Premium Plus
Monthly fee	Free	£4.97	£9.97
Cash top-up	£2.30 (+2.6%)	£1.29 (+2.6%)	£0.80 (+2.6%)
ATM withdrawal fee	£1.50	£1.25	£1.25 (First 4 free)
International transaction fees	£1.97 (+2.57% for foreign currency transactions)	£1.97 (+2.57% for foreign currency transactions)	£1.97 (+2.57% for foreign currency transactions)

Extra Suits Me fees

I don’t like to call them hidden fees because these costs are written on the Suits Me site. However, I did find the below a little hard to find.

There are a few extra costs that you need to take into consideration.

For example, if you use an ATM to check the latest balance on your account, you’ll be charged 50 pence or 24 pence if you’re a paid member. And if you don’t hold a Premium Plus account, you’ll need to pay to set up a Standing Order. But the most interesting fee is that you have to pay every time a Direct Debit is taken. This can be between 50 pence and £2, and although that doesn’t sound like much, with multiple Direct Debits coming out of your account each month, it can soon become a little expensive.

	Essential	Premium	Premium Plus
ATM balance enquiry	50 pence	24 pence	24 pence
Successful Direct Debit fee	£2	60 pence	50 pence
Unpaid Direct Debit fee	£5	£5	50 pence
Create a Standing Order	60 pence	60 pence	Free
Declined transaction fee	50 pence	20 pence	20 pence
Account to account transfer	£1	60 pence	50 pence

Extra benefits to Suits Me

Moving on from the fees, having an account with Suits Me comes with a couple of extra perks.

Cashback rewards

You can earn cashback when you use your Suits Me card in certain retailers. This is a certain percentage, usually in the region of 1-12%, which is paid back into your account. Retailers using the scheme will change, but some of the most popular include

• Argos
• Asda
• B&Q
• Clarks
• Halford
• Nike

Refer a friend

If you like using Suit Me and want to earn extra money, why not recommend it to your friends? For every friend that signs up, you can earn up to £25.

Why not take a look at some of the best refer-a-friend offers?

What this account is great for

As you don’t need to jump through the hoops that a traditional bank would ask for, Suits Me is ideal for anybody that has recently moved to the UK or is struggling to prove their recent address history.

And because there’s no need for credit checks, it’s also a great account for anyone with a poor or little credit history. And no credit facility means you can only spend what you have in your account. You won’t overspend and start building up any debts. If you sometimes lose track of your money, this is a great way to budget.

Apart from a lack of credit, the Suits Me e-account will provide you with almost the exact same features as a current account.

What it’s not great for

This can become quite an expensive account if you deal a lot in cash. Although the fee for withdrawing cash isn’t astronomical, it can soon add up if you do it quite often.

But paying money into your Suits Me account is where the expense really kicks in. £2.30 + 2.6% is quite an expensive rate. So, pay £100 in and you’ll be hit with a £4.90 fee. Do this once a week and you’ll be paying £19.60 monthly.

The best way around this is to either try to reduce the number of times you pay cash into your account or upgrade to a Premium account. But you do need to consider whether that monthly fee is worth it.

if you’re planning to use this account abroad, it comes with some extra fees. If you can, it would be best to look for an alternative or use your card sparingly. Take a look at the best debit cards to use abroad.

What other people think

When writing my reviews, I always like to take a look at other people’s opinions. Over on Trustpilot, Suits Me scores a ‘great’ 4.2 out of 5 from over 7,000 reviews. On the positive side, customers praise great customer service and how easy it was to open an account.

Negative reviewers complain that they could not be verified when opening an account and that they feel the fees for the paid accounts are too expensive.

My Suits Me review conclusion

Overall, this is certainly a solution worth considering for anybody struggling to open a current account in the UK. Although this isn’t a full current account, it certainly comes close.

But there’s no getting around the fact that it’s not the cheapest way to bank. There are extra fees for a lot of the features with this account and they can soon add up over a short period.

This account will help many people in the short term, although they may want to look towards high street or digital banks once their credit rating is in better order.

If you want to get started, click on the button below.

Suits Me