Managed Bank Accounts

A managed bank account is a brand new way of banking which makes managing your finances simpler.

Managed bank accounts allow you to get on top of your finances, keep your debts under control and plan your monthly spending by assigning you a dedicated personal Money Manager to oversee your account.

Topics covered in this article:

• How does a managed bank account work?
• What are the benefits of a managed bank account?
• Who can get a managed bank account?

How does a managed bank account work?

Upon opening your managed bank account, you will be issued with a personal Money Manager. This dedicated expert will be on hand to provide you with the advice and assistance that you need to help manage your monthly incomings and outgoings.

Once your personal Money Manager has been assigned, the account works in three simple steps. Firstly, your salary is paid into the account like it would be in any other account. Secondly, your personal Money Manager will set aside the money you need to pay your regular commitments, such as utility bills, direct debits, etc.

Any remaining funds are then transferred to your ‘Card Account’ to spend as you please

What are the benefits of a managed bank account?

Aside from a dedicated personal Money Manager who is on hand to help you with your finances, a managed account comes with a range of benefits.

The biggest benefit of a managed bank account is that there are no penalty charges. Unlike most mainstream banks, we won't issue any charges for unauthorised overdrafts or unpaid direct debits, making it ideal for those people who often find that they often go overdrawn.

With managed bank accounts, you also enjoy the benefits of your own Maestro debit card which can be used to pay for goods and services at more than 960,000 outlets in the UK and millions more around the world.

Who can get a managed bank account?

The benefits of a managed bank account can be enjoyed by almost anybody. Managed bank accounts require no credit checks, meaning that they are open to people who may have been refused an account with one of the mainstream banks whilst offering benefits such as a Maestro card and the ability to set up direct debits.