Brief Look at Suits Me Bank
Suits Me Limited is a typical virtual bank that has few competitors in the UK. Founded in 2015, Suits Me bank presently offers two account types: Personal and Corporate, as well as three plans: Standard, Premium, and Premium Plus. Users primarily appreciate the bank’s prompt operation, convenient mobile app, and fast domestic and international transfers. The company does not provide lending or investing solutions because all its features are focused on the convenient control of finances. The bank provides free plastic MasterCard debit cards. For some clients, cash back may reach 15%. The only passive earning option is a referral program with fixed payouts.
- The Standard plan has all primary online banking features and is completely free.
- A convenient and fast mobile app that allows clients to control their money.
- You can make and receive domestic and international transfers of most types, with low fees.
- Up to 15% cash back at numerous British and European stores that partner with Suits Me.
- The fees are transparent and are average or below average.
- There are no additional or hidden charges.
- Special programs for non-residents of the UK, including foreign students.
- A referral program that brings £25 for every active referee.
- On the free plan, the fees for ATM withdrawals and cash deposits are higher.
- No lending or investing services.
- No savings accounts or other solutions for the accumulation of funds.
TU Expert Verdict
Chief Analytics Officer
Suits Me Bank offers personal and corporate accounts with Standard, Premium, and Premium Plus plans, serving UK residents with multi-currency support in GBP, EUR, RON, and SEK. The mobile app allows efficient management of funds, including fast domestic and international transfers, and clients receive free plastic MasterCard debit cards valid globally. All plans include access to both virtual and physical cards, contactless payments, and a 24/7 multilingual support center. Fee transparency is a highlight: the Standard plan charges no monthly fee, and domestic transfers are always free, while Premium Plus provides free ATM withdrawals and lower commissions for active users.
Drawbacks include a lack of lending, savings, or investment services, so Suits Me Bank may not be suitable for those seeking to grow or invest funds. Higher ATM withdrawal and cash deposit fees apply in the free Standard plan, and there is no deposit insurance. This neobank best fits individuals or businesses requiring convenient online banking, transparent fees, and multicurrency payments rather than those with longer-term savings or investment needs.
Suits Me Bank Summary
Via Suits Me Bank's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Personal and Corporate, with three plans: Standard, Premium, and Premium Plus |
|---|---|
| 💱 Multi-currency account: | Yes (GBP, EUR, RON, SEK) |
| 💵 Deposit terms and conditions: | Service is not provided |
| 💳 Loan terms and conditions: | Service is not provided |
| ☂ Deposit insurance: | No |
| 👛️ Savings options: | Funds control features are in the mobile app |
| 📋 Types of payment: | Virtual and physical cards, contactless payments, and online transfers |
| ➕ Additional features: | Referral program |
Remember that only UK residents can open accounts with Suits Me. Of course, you can have another citizenship and it’s not necessary for you to constantly live in the United Kingdom. But although the mobile app and online banking services are the same for all regions, ATM fees may differ.
Also, when you are in another country, keep in mind that you can only hold GBP, EUR, RON, or SEK in your Suits Me bank account. It means that if you use your debit card abroad to make a payment in an unsupported currency, a conversion fee will be charged (at the market rate, plus third party charges). International transfers are converted automatically.
Tech support works flawlessly 24/7 in several languages. You can contact support through a call center, email, ticket system, and live chat. Also, there are articles, guides, and FAQs in the Help section of the website.
Suits Me Bank Commissions & Fees
Commissions are Suits Me’s strength. The bank charges a fewer fees than most of its competitors. The usage of virtual and physical cards is free on all plans. The monthly fee is £0.00 on the Standard plan, £4.97 on the Premium plan, and £9.97 on the Premium Plus plan. The fees on withdrawing cash from ATMs in the UK are £1.12-£1.25 (there are 4 free withdrawals on the Premium Plus plan). Outside of the UK, the withdrawal fee is £2.50 plus a 2.57% conversion fee.
The universal fee on all transactions in GBP, EUR, RON, and SEK is 2.35%. The fee on transactions with conversions to other currencies is £1.97 plus 2.57% for the international exchange. If a payment is made via PayPoint, the fee is £0.99 + 2.6%; on Premium, it is £0.50 + 2.6%. Note that all transactions within the UK are free of charge. Other fees can be found in the corresponding section of the website. For example, the issuance of an invoice costs £0.60 on Premium, whereas on Premium Plus it’s free.
Suits Me’s commission policy differs favorably from that of most European virtual banks. It has already been mentioned that Suits Me charges few fees. All of them are transparent and most of them are fixed. One of the few charges expressed as percentages is the conversion fee, but this is the condition at all companies that operate internationally. Many clients expectedly mention Suits Me bank’s fees as its biggest competitive advantage.
| Broker | Overdraft fee | ATM Withdrawal Fee | International transfer fee | International exchange fee |
| Suits Me Bank | No | £1.12-1.25 per withdrawal (On Premium Plus, there are 4 free withdrawals per month) | £1.97 | 2.57% |
| Chime Bank | No | No | No | 3% (max.$5) |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
Suits Me provides online banking services on favorable terms. It charges few fees and they are below average in the UK and Europe. Clients can hold the following currencies in their accounts: GBP, EUR, RON, and SEK. Accounts can be used for international transfers. If a transfer is made in an unsupported currency, the bank automatically converts it and charges an international exchange fee. There are no additional charges on domestic transfers. Unfortunately, unlike many of its competitors, Suits Me bank does not offer loans, investing, or savings accounts. Nevertheless, it’s a reliable neobank with beneficial conditions and it can be recommended for cooperation.
Account Types
Suits Me bank offers three plans for personal usage: Standard, Premium, and Premium Plus. They don’t differ in the available features, but in the limits, commissions, and monthly fees. The only plan that has no monthly fees is Standard, but it obviously has the strictest limits and the highest commissions. The highest monthly fees are charged on Premium Plus, but this plan is objectively favorable for those who use their funds actively because it has lower commissions and provides free cash withdrawals.
The Corporate plan can only be used by legal entities. Intended for the management of a company’s finances, it allows a client to create template statements, issue and pay invoices on behalf of a legal entity, automate salary accounting, etc. The platform can be flexibly customized and integrated with other software used by a company. Suits Me has a network of contractors that act as the bank’s partners and provide services to its clients on favorable terms.
Investment Options
Investment Programs, Available Markets, and Products of Wise Bank
Suits Me does not provide investment solutions. Clients can make money transfers and issue and pay invoices. The bank’s virtual and physical cards can be connected to e-wallets and any deposit channel. For example, many get their salaries on Suits Me accounts and use those accounts to pay for utilities and education, make purchases at online stores, etc. But users don’t have access to investing. If you want to earn from stocks, ETFs, cryptocurrencies, and other instruments, TU recommends using a broker or another digital bank that offers such services.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Overdrafts, loans, and flex accounts
Here, the situation is the same as with investment programs. Suits Me does not offer lending or microlending. Clients cannot take out mortgages or student loans here. Overdrafts and flex accounts are not available either. But users get a clear and convenient dashboard with clearly defined income and expenses. The mobile app’s homepage lets you thoroughly assess your financial capabilities, set goals, and set up alerts. This way you can manage your funds and budget efficiently.
Contacts
| Foundation date | 2018 |
|---|
Detailed review of Suits Me Bank
Since its establishment in 2015, the British Suits Me bank has become one of the leaders in the market. It offers only a few favorable and competitive terms of services. Lending, investing, or funds accumulation options are not provided. However, by far not all companies in the UK operate in these fields. They are presently developed mostly by U.S. virtual banks. Some of the lowest fees in Europe are Suits Me bank’s main strength. And from the standpoint of saving, budgeting, and funds management, competing with Suits Me is not easy at all.
Suits Me bank by the numbers:
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3 minutes to open an account;
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$0 monthly fee on the Standard plan;
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5 days to receive a plastic card;
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15% maximum cash back;
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£1.12 minimum ATM withdrawal fee.
Useful features of Suits Me Bank
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Domestic transfers. Clients can send and receive funds within the UK for free.
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International transfers. Funds can be sent abroad and received from abroad. The fees are below average in the segment.
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Multicurrency accounts. Besides GBP, three more currencies can be held in Suits Me accounts: EUR, RON, and SEK.
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Conversion. For any transactions with unsupported currencies, the latter are automatically converted at market rates.
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Deposit. Clients can add funds to their accounts using many methods, including online transfers and cash deposits through ATMs.
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Withdrawal. Funds can be withdrawn via online transfers or from many ATMs worldwide (the fees are higher abroad).
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Dashboard. Detailed information about income and expenses is summed up on the app’s homepage in a convenient form.
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Saving tools. Clients can set goals and spending limits for various categories of purchases.
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Budgeting tools. Clients have access to individual statements, calculators, and other features for budget control.
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Business solutions. Corporate clients can use several special features to manage their companies’ capital.
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Referral program. Clients can earn £25 for each active invited user.
Advantages:
Modern online banking. Suits Me enables you to conveniently manage your finances online and offline. You can make transfers of all types, receive payments, and issue invoices.
International interaction. Multicurrency accounts support the most popular currencies in the UK and Europe. Clients can also receive funds in other currencies with automated conversion.
Fast and favorable payments. Clients can pay for many goods and services online. Funds are converted and transferred instantly.
Payments at offline stores. There are two options: contactless payment via a smartphone or payment with a plastic MasterCard, which the bank delivers to a client for free within 3-5 days.
Saving and budgeting. Suits Me provides dozens of tools for the control of finances, including limits, alerts, and detailed information on income and expenses.
Corporate solutions. Suits Me cooperates with businesses, providing them with a convenient platform for the issuance and payment of invoices, salary transfers, and handling other administrative tasks.
Transparent fees. Suits Me bank applies few fees, most of which are below market average. Many clients mention this benefit as a key factor.
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