We provide a review of the MoneyManager account offered by the Coventry Building Society. Although it is listed under their savings account section it sounds fairly similar to a basic bank account although the cash card can only be used to withdraw cash.
Who can apply to open a MoneyManager account?
You must be at least 16 years of age and resident in the UK. So, the likes of a student, pensioner or someone that is employed, self-employed or unemployed may apply.
As no credit reference search is carried out it is suitable for those that have an adverse credit history.
How do you apply?
There are a number of ways. For instance, you can call into one of the Coventry Building Society’s branches and see a member of staff to open an account. You can apply online, by post or over the phone or even through one of the building society’s agencies.
The building society will try to identify you and confirm your address electronically.
What services does the MoneyManager account provide?
The account attracts a low interest rate.
You can have your wages, salary, benefits or pension paid directly into the account and you can also pay cash and cheques into the account. It is also possible to transfer funds into the account from say a current account that you may have with the likes of a bank.
You can set up direct debits and standing orders to pay regular household bills or make one off electronic payments.
You are provided with a cash card that enables you to withdraw cash out at certain ATMs both in the UK and overseas. If you wish to use the cash card abroad then you will need the permission of the Coventry Building Society and a charge is payable.
It is not possible to use the cashcard to pay for goods and services in high street shops, online or over the phone.
You do not get a cheque book nor are you permitted to go overdrawn.
Is there a fee to open the account or a monthly administration charge?
You will be pleased to read that there is no fee to apply to open the account and there is also no monthly administration fee.
Although the Coventry Building Society MoneyManager account comes under their savings account section it provides many of the services that are available with a basic bank current account and is suitable for people with a bad credit rating. However, it is a shame that you cannot use the cash card to purchase items in the likes of shops and online so it may appeal to those people that prefer to pay for many things in cash.