Midlands-based Secure Trust Bank has teamed with the Paymex Group to launch a pre-paid current account targeted at customers seeking to keep a tighter grip on their finances.
The Evolution account, to launch this month, combines a current account with a pre-paid card facility, meaning customers can only spend what is on the card and cannot become overdrawn.
The bank says the offering includes all the features associated with a traditional bank account, including standing order and direct debit facilities.
The account is available to anyone subject to qualifying identity checks and the accompanying pre-paid MasterCard card can be used free of charge around the world.
Steve Brilus, MD, Paymex, says: "There is significant demand for a product of this nature, especially in the context of the current economic climate and we believe Evolution will have an immediate positive impact on the marketplace."
Steve Pugh, head, commercial development, Secure Trust Bank, adds: "Our proposition will be available around the beginning of Q2 2009, and will quickly become recognised on the high street as a product that is readily accessible to anyone. It will provide all of the features and benefits of a traditional bank account that many people are often unable to obtain from the major banks."