Ffrees Current Account – The Review

PLEASE NOTE THAT THE ACCOUNT PACKAGES MENTIONED BELOW ARE NO LONGER AVAILABLE TO NEW CUSTOMERS FROM 17TH OCTOBER 2016.

EXISTING CUSTOMERS MAY CONTINUE TO OPERATE THEIR ACCOUNT.

HOWEVER  A NEW ACCOUNT HAS BEEN INTRODUCED FOR NEW CUSTOMERS THAT YOU CAN READ ABOUT HERE.

We review the Ffrees Current Account that is offered by Ffrees Family Finance Ltd here in the UK. There are four Ffrees account packages with different fee/charging structures to cater for the individual transaction needs of customers that we discuss later. We look at things such as what sort of services are provided.

Who is allowed to apply?

The Ffrees current account is no longer available to new applicants from 17th October 2016.

The Ffrees Current Account used to be available to those who were a minimum of 18 years of age and who could have their address in the UK verified.

It is suitable for a variety of people such as those that are employed, retired, self-employed or unemployed including those with a bad credit history.

Is a credit reference search undertaken?

A credit reference check was not carried out by Frees. So those applicants with a poor credit rating such as being in default with a credit card, having one or more CCJs or being bankrupt should still have been able to open a Ffrees account when such an option was available.

How can you apply to open a Ffrees Current Account?

The Ffrees current account is no longer available to new customers from 17th October 2016. Applications used to be completed online simply and quickly.

Ffrees endeavoured to complete the identification and confirmation of address formalities electronically. If this was not possible, documentation was required to complete these formalities.

What services are provided with the Ffrees Current Account?

You can use the account for a variety of things. For instance, you can pay funds into the account either in cash through thousands of PayPoint retailers or automatically have your wages, benefits or pension paid in. You can also transfer monies into the Ffrees Current Account perhaps from another account that you have with another financial institution. You cannot pay cheques into the account.

You can set up standing orders to pay regular household bills such as perhaps your council tax, electricity and mortgage.

You can use the Ffrees Visa Debit card to withdraw cash from ATMs both here in the UK as well as in other countries around the world and purchase good and services online, in high street shops or over the telephone.

You can manage your account online enabling you to, for instance, view statements and view your balance. You can receive SMS alerts. You can make payments over the telephone or online.

There is a Money Manager tool enabling you to place money in “Jam Jars”. These funds could be used for various things such as saving for a holiday, buying presents or pay your household bills.

Should you purchase items from certain retailers through your Ffrees Current Account you could receive Ffrees Points that can ultimately be converted into cash that can be taken out of your Ffrees Account.

At the present time, you cannot set up direct debits from your Ffrees Bank Account although they are hoping to introduce this facility at some point in the future. Also, there is no overdraft facility or cheque book available.

What are the four Ffrees current account packages?

The following are no longer available to new customers from 17th October 2016.

Ffrees Zero

There was no application fee.

There is no monthly administration fee (However, if your account has not been used for two months in a row, a £2 per month Dormancy Charge is payable).

There is a fee of 75p for every cash withdrawal made at an ATM in the UK and for each BACs (Payments out) that takes 3 working days to be credited to the beneficiary’s bank account and a fee of 15p whenever you use the Ffrees Visa Debit Card in the UK to purchase things.

There are various other potential fees – please refer to their website for full details.

Ffrees 5 – Free ATM

There was no application fee.

There is an administration fee of £5 per month.

You can make up to 10 cash withdrawals each month at ATMs in the UK free of charge. Thereafter, such withdrawals cost 50p each.

BACS (Payments out) that take 3 working days to be credited to the beneficiary’s bank account  cost 50p each.

There are various other potential fees – please refer to their website for full details.

Ffrees 5 – Free BACS

There was no application fee.

There is an administration fee of £5 per month.

There is no additional charge for BACS (Payments out) that take 3 working days to be credited to the beneficiary’s bank account.

Cash withdrawals at ATMs in the UK are charged at 50p each.

There are various other potential fees – please refer to their website for full details.

Ffrees 10

There was no application fee.

There is an administration fee of £10 per month.

You can make up to 10 cash withdrawals each month at ATMs in the UK free of charge. Thereafter, such withdrawals cost 25p each.

There is no additional charge for BACS (Payments out) that take 3 working days to be credited to the beneficiary’s bank account.

There are various other potential fees – please refer to their website for full details.

Summary

The Ffrees current account is no longer available to new customers from 17th October 2016 but continues for those existing customers that wish to operate an account. It is pleasing to see that there are four different Ffrees Current Account packages to cater for an individual customer’s transaction requirements. It is also good that those people with a bad credit rating used to be able to apply online to open a Ffrees account. The account offers many of the facilities of a traditional bank current account. There are numerous other providers of poor credit current accounts such as the Cashplus prepaid Gold MasterCard Deluxe account that you may also wish to compare.