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Why do Temporary Workers Struggle to Open a Bank Account?

Employment in the UK has changed dramatically in the last couple of decades. There was a time when a good education and a university degree would have guaranteed a job for life…

Employment in the UK has changed dramatically in the last couple of decades. There was a time when a good education and a university degree would have guaranteed a job for life while anyone with a good work ethic and the willingness to get stuck in could also rely on stable employment.

However, with the rise of the so-called gig economy and many people seeking a better work-life balance, many of the old employment rules no longer apply. Add to that the fact that the age of retirement seems to steadily creeping upwards as people are living longer and the guarantee of a comfortable pension on which to retire is shrinking and you have a situation which has given rise to an increasing number of temporary workers.

A temporary worker can be a wide-ranging term, used to describe people who work on a freelance basis for a number of different employers or people who take a number of short-term positions with various companies.

It is this absence of security which makes it difficult for many temporary workers to open bank accounts. Many banks and building societies will require account holders to pay in a minimum amount each month to keep their account open.

Whereas most account holders in regular monthly employment will have their salary paid directly into their accounts each month, a temporary worker cannot guarantee the same stream of steady income and therefore will find their options limited in this regard.

What are the Bank Account Options for Temporary Workers?

Many providers will offer a basic bank account which either doesn’t require a minimum monthly deposit or asks for a small, nominal deposit, around £10-£20. A basic account can allow you to set up direct debits and standing orders as well as pay for things online and transfer money to other accounts.

Are there any Other Banking Options for Temporary Workers?

Basic bank accounts tend to not offer overdraft facilities, which can be difficult for temporary workers who often need that cushion if one month has been particularly light in terms of income.

Another option available to temporary workers is to get a prepaid card. These work like debit cards in that you can use them to pay for things in stores or online. They can be used for regular monthly payments, but there is no minimum deposit required each month.

They are great for temporary workers because you can have your wages paid directly onto them, meaning if you earn more one month than you do the next, or vice versa, you will not have to worry about meeting the requirement for minimum credit deposits.

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Overseas Temporary Workers

A large number of temporary workers in the UK come from overseas, often known as migrant workers, and find it difficult to open bank accounts here, but still want to send some of the money they earn home. Money transfer services usually subject to fees and the money can take a long time to reach its destination. With prepaid cards, the money gets there quicker and the card holders can also use when abroad in much the same way they use a credit of debit card.

Suits Me®

Suits Me® is an alternative to traditional banking and a perfect alternative solution for temporary workers. We strongly believe in financial inclusion and that everyone should have access to a financial solution to manage their money, especially in todays modern society.

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Personal Account and Debit Card

Suits Me® offers personal accounts with a contactless Mastercard® debit card, online account and a free mobile app to manage your money with many banking-like features such as setting up standing ordersdirect debits and transfers.

Suits Me® account holders also gain access to our exclusive cashback rewards scheme where you can earn money back into your account when shopping with any of our high street and online food and retail partners.

Opening a Suits Me® Account

Applying for a Suits Me® account takes seconds using our online application form and providing all details given are correct and up-to-date, your account will be open within minutes. You will gain instant access to your account number and sort code and online account and your Mastercard® debit card will arrive in the post within 3 – 5 working days.

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