20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
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Suits Me Bank Review 2024
Supported Countries:
- UK and worldwide
Supported
Currencies:
Currencies:
- GBP, EUR, RON, SEK (for transactions with other currencies, automated conversion is made)
Deposit rate:
- No
Deposit insurance:
- No
Summary of 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.
| 💼 Main types of accounts: | Personal and Corporate, with three plans: Standard, Premium, and Premium Plus |
|---|---|
| 💱 Multi-currency account: | Yes (GBP, EUR, RON, SEK) |
| ☂ Deposit insurance: | No |
| 👛️ Savings options: | Funds control features are in the mobile app |
| ➕ Additional features: | Referral program |
👍 Advantages of trading with Suits Me Bank:
- 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.
👎 Disadvantages of Suits Me Bank:
- 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.
Evaluation of the most influential parameters of Suits Me Bank
Table of Contents
- Geographic Distribution
- Latest Comments
- Expert Review
- Latest Suits Me Bank News
- Analysis of Suits Me Bank
- Dynamics of the Popularity
- Investment Programs
- Terms for Cooperation
- Detailed Review
- Banking features
- Technical Support
- Social programs
- How to open an account?
- User Reviews of Suits Me Bank
- FAQs
- TU Recommends
Geographic Distribution of Suits Me Bank Traders
Popularity in
61.4%
GB
10.7%
US
4.4%
IN
16.5%
Others
User Satisfaction i
2 comments
Total score:
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Expert Review of Suits Me Bank
Suits Me is not the oldest British neobank, however, it has been in business for 7 years, which lets TU comprehensively assess its services. First, it’s a model online bank that enables you to make many transactions with your funds, e.g., send and receive money domestically and internationally, issue and pay invoices, etc.
Virtual cards are used to make online payments and order goods and services from other countries, while physical debit cards can be used for offline payments. Physical cards are powered by MasterCard and therefore are accepted practically everywhere. Note that although only UK residents can become the bank’s clients, its debit cards are valid globally (however, you need to take into account local fees, including conversion costs).
Suits Me bank’s charges are transparent. For example, users of the Premium plan know that the fixed fee on withdrawing cash from any ATM in the UK is £1.25. They also know that all domestic transfers are free and the charge on every international transfer is £1.97. Many people underestimate this nuance, but the neobank’s big advantage is that it has few fees and they all stay fixed regardless of external conditions.
In contrast, Suits Me does not provide many of the services you can find with at its competitors. For instance, there are no options to accumulate savings because there are no savings accounts or even investment solutions. The latter is especially surprising, considering the tendency of contemporary neobanks is to offer as many online banking services as possible. There is only a referral program, but it cannot be a steady source of significant income. Lending solutions, such as mortgages, consumer loans, etc., are also absent.
Based on the above factors, Suits Me bank can be recommended for consideration because, despite some obvious downsides, its benefits are no less important. You can open an account in a couple of minutes, get a free debit card in a few days, and can do everything you are used to doing with your money, but more comfortably.
Dynamics of Suits Me Bank’s popularity among
Traders Union’s traders, according to 2023 data
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.
Important!
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.
Terms for Cooperation with Suits Me Bank
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.
| 💼 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 |
Comparison of Suits Me Bank with other Brokers
| Suits Me Bank | Wise | Bunq | Curve Bank | Chime Bank | Starling Bank | |
| Supported Countries | UK and worldwide | Globally | Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, | UK and EEA | US | UK |
| Supported Currencies | GBP, EUR, RON, SEK (for transactions with other currencies, automated conversion is made) | 54 currencies | Euro (16 European currencies in the Easy Money plan) | 26 currencies | USD | GBP, EUR, USD |
| Deposit insurance | No | No | EUR 100,000 | No | Yes | Yes |
| Minimum deposit | No | No | No | No | No | No |
| Deposit rate | No | No | 0.09% APY | No | 5%-30% | 15%-35% |
| Loan Rate | No | No | The bank does not issue loans | No | 0.50% | 0.05% |
Suits Me Bank Commissions & Fees
Information
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 |
| Revolut | No | Up to $350 - free - beyond $350 - 2% | 0.3% (min. $0.30, max. $6) | From 0% to 1% |
| Chime Bank | No | No | No | 3% (max.$5) |
| Suits Me Bank | No | £1.12-1.25 per withdrawal (On Premium Plus, there are 4 free withdrawals per month) | £1.97 | 2.57% |
Conclusion
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.
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:
-
3 minutes to open an account;
-
$0 monthly fee on the Standard plan;
-
5 days to receive a plastic card;
-
15% maximum cash back;
-
£1.12 minimum ATM withdrawal fee.
Useful features of Suits Me Bank
-
Domestic transfers. Clients can send and receive funds within the UK for free.
-
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.
-
Conversion. For any transactions with unsupported currencies, the latter are automatically converted at market rates.
-
Deposit. Clients can add funds to their accounts using many methods, including online transfers and cash deposits through ATMs.
-
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.
-
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:
1
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.
2
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.
3
Fast and favorable payments. Clients can pay for many goods and services online. Funds are converted and transferred instantly.
4
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.
5
Saving and budgeting. Suits Me provides dozens of tools for the control of finances, including limits, alerts, and detailed information on income and expenses.
6
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.
7
Transparent fees. Suits Me bank applies few fees, most of which are below market average. Many clients mention this benefit as a key factor.
Accounts types for private individuals and legal entities
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.
Banking features
Clients of Suits Me Ltd can make and receive transfers, hold funds in various currencies, issue and pay invoices, etc. Unfortunately, Suits Me does not offer savings or investment accounts, or lending services. But if you need a convenient virtual account of a standard type and a physical debit MasterCard to receive your salary and make purchases, Suits Me bank can become a beneficial solution thanks to its low fees and intuitive and reliable app.
Technical Support
Suits Me bank’s client support is provided via a multi-channel call center, email, tickets on the website (replies are sent by email), and live chat in the app.
All these channels operate around the clock. The only exceptions are personal managers available on paid and corporate plans. Support is not available on UK national holidays.
Note that the Help section contains a lot of answers to user questions (FAQs) on various subjects. Before calling tech support, you should study this section. You will most likely find a solution there.
Social programs of Suits Me Bank
This digital bank does not run its own charity programs, but cooperates with dozens of foundations. It creates individualized financial platforms for organizations that realize social initiatives. Suits Me also supports ecological events. Another aspect of the bank’s operation is helping students from other countries, including third world countries. Suits Me bank offers them a full list of financial services on reasonable terms without the necessity to hold UK citizenship. All this creates an image of the company that acts transparently and tries to improve the world. For many clients, such an approach is important and makes them choose Suits Me, ignoring less socially active competitors.
How to open an account at Suits Me Bank
Go to the official website of Suits Me bank and click “Open account” in the top right corner of the screen.
Select your title. Enter your first and last names and email address, then choose a plan and click “Next step”.
Include your country code, phone number, and residential address. You can select an address from the list or enter it manually. Click “Next step”.
Include your date of birth and nationality. Select a preferred language to which your user account interface will be translated and in which tech support will communicate with you. Click “Next step”.
Read the notification, review the terms of service, and tick the relevant boxes. Pass an anti-spam check and click “Submit”.
To verify your identity, upload a photo/scan of your passport or driver’s license. You will get immediate access to your account, but all the features will become available after your data review is complete (which may take a few days). Meanwhile, download and install the Suits Me bank app. The links to the App Store and Play Market are on the website’s homepage.
Disclaimer:
Your capital is at risk. Via Suits Me Bank's secure website. Your capital is at risk.
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FAQs
How does Suits Me make money?
The same way as all other digital banks. It charges fees on transactions and some other actions of clients. There are also monthly fees on the Premium and Premium Plus plans.
Suits Me uses what type of protection methods?
The website and app are protected with modern cryptographic tools. You can use biometrics and a password, as well as set up alerts to control access to your account.
Where can I view expenses on my Suits Me account?
All information about income and expenses is displayed on your user account’s homepage. You can log in to your user account on the website or in the mobile app.
Can I use my Suits Me account to send funds abroad?
Yes. Suits Me’s clients can make international transfers on favorable terms.
Can I use my Suits Me account to send funds abroad?
Yes. Suits Me’s clients can make international transfers on favorable terms.
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