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When choosing a way to manage your money, many people are unaware of their options beyond the high street banks. Over 1.2m people in the UK do not have a bank account, making it difficult for them to pay bills and access many basic services.

However, there are alternative ways to manage money electronically without relying on the high street banks. E-money accounts have increased in popularity over the past few years as they generally allow account holders more freedom and flexibility with the way they manage their money. Here’s what makes them different.

No credit checks when opening an account

Many high street banks don’t want their customers to just add and withdraw money, they want them to buy into the bank’s financial products, such as overdrafts and loans, to make money from the interest. To do this the customer needs to be eligible for credit, and a bad credit history can see your account application rejected.

With many e-money accounts, these products are not offered, meaning that they can offer a no credit check* account. Your credit score will not impact your application for a Vox Money account.

*Vox Money customers must be over 18, subject to CDD and other verification checks.

Overdraft fees

Have you ever gone overdrawn by just a few quid, and found yourself with a massive bill as your bank racked up charges for daily fees? It doesn’t make any sense to charge people for having no money, but the high street banks still make over £2 billion a year from the charges. As overdrafts are added onto most high street bank accounts as a standard extra, the customer doesn’t even get a say in whether they even want one.

Most e-money accounts don’t come with an overdraft, so there’s no chance of going into one. If your money isn’t in your account, it can’t be taken out, which is a simple but extremely effective way of avoiding unnecessary charges.


With a high street bank account, you’ll find that you have one place to keep and manage your money. If you want to avoid dipping it into your savings by keeping it in another account, you need to open a separate account.

With an e-money account, you can manage and move your money all under one account. By creating wallets, your account can also act as a savings pot as you can move funds away from your main account for any reason you like, whether it’s making sure you don’t dip into the bills, or having a separate pot for your disposable income to treat yourself after payday. Having these wallets in one place is highly convenient, and you don’t have to fill out an application to add them to your account – they’re right at your fingertips in the app.

There are many reasons why an e-money account could be more suitable for you than a standard bank account – why not sign up for free and find out for yourself?

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