I have had a look at the secure trust site again and what it appears to be is that you get a basic account for all your direct debits e.t.c and in addition you get a prepaid card which topped up via transfer from the basic account but the card itself does not offer many benefits. With the clearcash card you can do everything the secure trust does but have a choice of who you use for the basic account (if you still wish to have direct debit facility). You can then transfer money from your bank account onto the clearcash card similarly to the secure trust card but the clearcash card has additional benefits and costs less.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
But why pay £9.99 a month when you don't have to? There are cheaper prepaid cards on the market, and I don't see the point of using it as your main account when you can't pay direct debits. It'll end up costing a lot more in the long run as many companies charge more if you don't pay by DD.
I would recommend anyone who needs a basic account tries the Co-op Cashminder, and if they need a prepaid card look for a cheaper one. £9.99 is a lot when you're on a tight budget.
Other than ebay, I don't buy a lot online at all, so I would never get the money back, and I doubt the majority of my creditors now would change from DD to Standing Order.
Plus, I don't want the hassle of having to change it all over again. I know David mentioned last night about doing so much from my normal account and so much from his card.
Too much like hard work when I know to the last penny what is in my Nationwide account.
If the bank starts charging, I will look at other accounts. But as Secure Trust do DD, it may well be that I would go with that.
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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That's good, but you can get cashback without spending a tenner a month.
I get cashback everytime I buy something online anyway by using Quidco - for example I got £75 for my car insurance and £20 for Harry's pet insurance in the last month.
I think we're going to have to agree to disagree on this one - you think it's great and I think it's too expensive and would rather go for the cheaper option!
I'm with you Skippy - I think David realises he's flogging a dead horse with me on that one!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
you did have a very good offer to try it out though Jan. I presonnally feel that it would have benefited the forum for you have to of taken the offer up and then you could speak from experience.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
I had a similar offer a while back and said no as well. To use it as a bank account would cause me too many problems (especially as it would have been temporary as I wouldn't be prepared to pay for it) and I don't need a pre paid card.
He has offered that to me before Paul. I declined then as I don't want the hassle of changing everything over, plus getting my salary changed over as well. I don't know who of my direct debit payments would would be happy to do a standing order and I don't want the hassle of trying to make bill payments when my, free, bank account will do it for me.
I have my Paypal card for internet purchases and I'm quite happy with that.
As and when Nationwide start charging then I may look at it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
In years to come there will be no such thing as free banking for consumers. The advantage of the Secure Trust account over the others is that it is a full banking current account, with a prepaid card facility linked to it. There is a monthly fee, which may not be viewed as competitive at the moment, but I am sure it will be in times to come - and there is a guaranteed acceptance without credit checking. As more and more banks deny people with financial difficulties a basic current account, banks like Secure Trust will plug the gap.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I understand what you are saying and yes you have to choose what is best for your own individual circumstances. I would like to see how people find these cards as I think it is the way forward. Sooner rather than later banks are going to charge for accounts and if we already know about what other options are available it will save the panic when the time arrives. Although I have already probably made my mind up would like to hear from people using it.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
I don't see that there will be a panic. If everyone is going to have to pay, regardless of what sort of account they use, then the majority will stay as they are, or choose the cheapest bank account they can find.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
