Bank Deductions How To Protect Cash In Your Bank

 

Banks
I am often asked if Revolut is safe to protect money being taken by the CMS. Well here are my thoughts.

Revolut will soon be fully regulated in the UK, which means CMS can ask for bank deductions. However CMS have to know you bank with Revolut, because they dont make speculative applications to the nearly 400 regulated banks and financial institutions in the UK. So they will check your credit report to see who you bank with.

I have a Revolut account, that I don't use often. I took it out for the signup bonus and havent got round to closing it. Unlike all my other current accounts, Revolut is not reported to a credit reference agency. So in theory not visible to CMS.

That said, I also dont think people have to worry if they are paying their CMS. Again I do see people asking the question, can they protect their money, when actually they are paying on time anyway so CMS are not going to do a bank deduction.

Is revolut safe to bank with? At the moment Revolut does not have FSCS protection, so money with Revolut is at risk if the bank fails. It website mentions it has an alternative form of protection.

If you are concerned about losing your money to CMS, particularly as CMS are not immune to making mistakes, maybe Revolut is the answer. If you want to join me and over 40 million users who love Revolut. Sign up with my link below:

Click Here

Credit Cards

Credit cards dont normally allow a credit balance.  Often it breaches the credit card terms and conditions, but one card does, and thats the Capital on Tap Card.  And the best bit, is that they have an offer at the moment.  £75 for you if you apply for a card and complete one transaction.

First of all before you get too excited the card is not for consumers.  The only people that can take out the card are the self employed / and Limited company directors. You can pre load money onto the credit card. If you want to draw on it however you will have to spend it. The card does have benefits, points and cash can be accumulated, or you can use it to collect Avios points, They currently have a £75 sign up incentive.

To qualify, sign up through this link:

Open a Credit card

and get £75 when you make your first transaction on your card! The card is currently free, unless you choose to collect Avios Points. Only for self employed / business. Share Trading Accounts There are many companies that allow you to trade shares, and they often allow you to deposit money. That money is not normally disclosed to credit reference agencies, so its potentially a lot harder for a deduction mistake to happen. Companies to look at include Hargreaves Lansdown and Interactive Investor. As these are share trading companies you should be aware of the risks, and read their disclaimers. Interactive brokers is a US company but its possible to open an account with them in the UK, and convert monies in dollars and back into pounds when needed. They also have sign up incentives from time to time. To qualify, sign up through this link. Premium Bonds This may be answer for some. Prizes are tax free and dont have to be disclosed. I am slightly wary as the CMS is a government department, and National Savings are connected to the government. But again, Premium Bonds dont report data to credit reference agencies. Summary The CMS do makes mistakes and this information is provided to allow people to make a choice, if they are concerned for their money. However these mistakes are not common, and provided you do not go into arrears with child support payments, the CMS are unlikely to raid your bank account. The best form of protection is to avoid getting into arrears. Easier said than done in some cases. Disclaimer: Some links are affiliate links, if you buy something through, I may make a small commission at no additional cost to you. As an Amazon Associate, I earn from qualifying purchases. #csa #childsupport #childmaintenance #childmaintenanceuk #childmaintenanceservice #childsupport #CMS #ChildMaintenance #UKBanking #ChildSupport #CreditCheck #FinancialAdvice #SavingsAccount #ProtectYourMoney #CMSAdvice #ParentingTips #keithcms #creditcard #bankaccount