The CardOneBanking Current Account comes with a prepaid card and unique bill payment service. Designed specifically for those who have had credit problems in the past, or for those who have difficulty managing traditional bank accounts and regularly incur charges. CardOneBanking works just like a basic bank account but is open to everybody, even with bad credit. They offer an exciting online current account and help you manage your money easily, keeping track of your payments or standing orders. Even if you don’t have enough funds to pay an item, they won’t charge you a rejected payment fee. The CardOneBanking account includes a prepaid Mastercard with guaranteed acceptance and the current account costs just £12.50 per month and the fee is taken on the 1st of each month from your account. There is no minimum contract period and you can cancel your account at any time.
- No Credit Checks
- No Setup Fees
- Open to everyone 18 years of age or over
- Bill payment system allowing you to control your money
- Access to banking via Telephone, Text And Online
- Prepaid Mastercard
- No bounced payment fees or overdraft fees
- Monthly account fees just £12.50 per month
- ATM withdrawal fees £1.50
Unlike traditional bank accounts, if you go overdrawn, they don’t charge any fees. The fixed £12.50 monthly account fee covers all account administration and no other fees or hidden charges are applied to your account (there is however a small fee for using the ATM which is currently £1.50). If you have insufficient funds in your CardOneBanking to pay a direct debit or standing order, they won’t charge you for the privilege like high street banks do, they simply won’t pay it! However, it should be noted that monies deposited in the CardOneBanking Current Account will not accrue any interest.
CardOneBanking are not a bank, they are an Authorised Payment Institution regulated by the FSA. The key difference in real terms is that they are not licensed to use customer’s money for any purpose, they cannot lend it to other customers or use it in any other way. Instead, all customer funds are kept as segmented funds with their own bankers.