Envelopes are a part of your Suits Me e-money current account that is separated from the rest of your funds. The money stored in them can’t be spent using your debit card or during a bank transfer, direct debit or standing order. This means you can’t accidentally spend the reserved money until you’ve released it back into the rest of your account.
You can automate them so each envelope takes a little bit out of your pool of money each month to help you budget. You can use them for bills and utilities, to make sure you’ve always got them covered, or as a saving mechanism if you’re planning on going on holiday or you’re buying a big-ticket item.
How to Set Up Your Envelopes
To set them up you need to log into your account, you can do this via your online banking or through the mobile banking app. Please note, the illustrations below show the online banking version, the process is the same on the app but will look different.
Go to manage envelopes on your My Account page. This will take you to a page where you can view and customise each envelope.
Enter details about your income and select your envelope. You can enter how much you’ll earn each month and where from, this helps automate the envelope money reserving process.
You can select from one of the pre-made envelopes we’ve assigned you, like Utilities or Rent, or make your own, on the image you’ll see a custom made one for Driving Lessons. Click on the one you want to edit.
Enter your budgeting information.
Enter how much you want to be reserved each month in this envelope, which envelope is most important (if there are only enough funds in your account to fill some of your envelopes, setting a priority will decide which ones get filled first), and what day of the month you want the funds to move into your envelope.
Once you’ve finished, click save and the money will start to automatically move in. You can delete an envelope at any point and the money will just move back into the rest of your account.
How to Release the Money
Once you want to use your saved-up cash go to the Manage envelope balances page, from there you can select which of your envelopes you want to open and how much money you want to take out.
Where does my money go when it’s saved in an envelope and does it gain interest?
Your money doesn’t go anywhere, it’s still in your account. Keeping it in an envelope just stops the money from being spent until it’s released again, it never leaves your account in that time. Your money will not gain interest whilst it’s being saved in an envelope as Suits Me does not offer any type of credit.