An e-money account, like the personal account offered by Suits Me, is an account that stores money in electronic form which can be used to make payments.
Companies that offer e-money accounts, including Suits Me, can offer many of the same features as a traditional bank or building societies. For example, you will receive a debit card from Suits Me, make payments and set up direct debits and standing orders.
The main difference between an e-money account and a traditional or online bank account is that e-money accounts don’t offer a credit or overdraft facility, making them a good choice for people who are looking to track and budget their spending.
There is protection in place for e-money accounts known as ‘safeguarding’ and e-money accounts are regulated by the FCA. As e-money is considered a payment method, like cash or currency, e-money accounts fall out of the remit for FSCS protection.