U Account – The Review

The U Account is similar to a personal current account and has a range of pricing plans. It may be suitable for a variety of people looking for an alternative to a traditional UK bank current account including those with a bad credit history. In this review we cover a number of things such as how to apply for an account and what services are provided.

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Who can apply to open a U Account?

You must reside in the UK, be a minimum of 18 years of age and your address must be verifiable to open an account.

Is a credit check carried out on you?

No, a credit reference search is not carried out. So, even those people with a poor credit rating, perhaps due to having CCJs or being bankrupt, should be able to open a U Account.

How do you apply for a U Account?

You apply online with the process usually taking around 5 minutes.

Your identity and address will need to be verified which is usually done electronically. However, there may be occasions when an applicant is asked to provide documentary evidence to confirm where you reside and who you are.

It is only possible to open a sole account. Joint accounts are not permitted.

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What services and benefits does the U Account provide?

It is a personal account that offers a number of services including being able to pay into it, use a debit card to purchase goods and services and make cash withdrawals at ATMs and regular household bills can be paid by direct debit and/or standing order.

Monies can be paid into the account either by Faster Payment or BACS that means, for instance, that you could transfer funds from another bank account held in your name. You can also have your salary, benefits, or pension paid in by automated means.

The UAccount can be used to withdraw funds and make payments through PayPal.

The company are also looking at introducing the ability to pay cash into the U Account.

You cannot pay cheques into the account.

Direct debits and standing orders can be set up to pay regular household bills such as your mortgage, rent and utility bills.

The U MasterCard contactless prepaid debit card can be used worldwide wherever the MasterCard symbol is displayed to make purchases in shops, over the phone or online.

The debit card can also be used to withdraw cash at ATMs.

If you use your debit card at certain retail outlets either online or in the high street you receive U Points that are converted monthly into money that is available in your Points Account.

You can also open up to 20 Extra Accounts contained within your main account that can be used to help with your budgeting. (extra fee may be payable)

You can use the Money Manager service that enables you to manage your account online to, for instance, check your balance, view transactions and make one-off payments.

No overdraft facility is available and nor is a cheque book.

There are a number of other providers of accounts that may be suitable for people with a poor credit record such as CardOneBanking.

What are the U Account Pricing Plans?

The U Account provides 3 pricing plans enabling you to chose the one that best meets your requirements in relation to such things as the number of ATM cash withdrawals you make each month and how many direct debits and/or standing orders that you have set up to pay regular household bills.

The plans are as follows: –

Pricing Plan – £0 per month

There is no application fee.

There is no monthly administration fee but if there has been no activity on the account after 60 days a £1 per month dormancy fee is payable.

ATM cash withdrawals in the UK cost £1 each.

ATM cash withdrawals elsewhere in the world cost £1 plus 3% of the transaction value.

Payments Out by way of direct debit, standing order or 24 hour payments out cost £1 per transaction.

Each Extra Account costs £1 per month

Please refer to the company’s website for details of any other fees.

Pricing Plan – £5 per month

There is no application fee.

There is £5 per month administration fee.

ATM cash withdrawals in the UK cost 50p each.

ATM cash withdrawals elsewhere in the world cost 50p each plus 3% of the transaction value.

Payments Out by way of direct debit, standing order or 24 hour payments out cost 50p per transaction.

2 Extra Accounts are available free of charge with any further ones costing 50p per month each.

Please refer to the company’s website for details of any other fees.

Pricing Plan – £10 per month

There is no application fee.

There is an administration fee of £10 per month.

ATM cash withdrawals in the UK are free.

ATM cash withdrawals elsewhere in the world are subject to a 3% transaction value fee.

Payments Out by way of direct debit, standing order or 24 hour payments out are free.

5 Extra Accounts are available free of charge with any further ones costing 50p per month each.

Please refer to the company’s website for details of any other fees.

Summary

The U Account is quick and simple to apply to open online and offers many of the services of a traditional bank current account such as a contactless debit card, direct debits and the ability to have the likes of your wages paid directly into the account. As no credit check is carried out it is also suitable for those people in the UK with a poor credit history. It provides the customer with a choice of 3 pricing plans.

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