N&P’s Gold Classic Current Account saves travellers money
The changes to its Gold Current Account in January 2011 have saved Norwich & Peterborough Building Society (N&P) customers thousands of pounds in overseas debit card transaction fees and charges over the last 12 months - and won N&P “Best Debit Card For Use Abroad” in the prestigious Moneynet 2012 Awards - the building society announced.
One customer, who used their debit card to withdraw cash while travelling extensively abroad in 2011 saved themselves a whopping £504! If they had been with Barclays, for example, the customer would have paid £504 in fees on their 127 ATM withdrawals, with N&P they paid £NIL!
Debit card usage abroad by N&P current account customers more than doubled in 2011, as did Visa transactions, and 47% of customers who opened Gold Classic Current Accounts in 2011 used their cards abroad at least once.
Gold Classic Current Account, which is available online and in branches, provides customers with free overseas debit card transactions as standard, which could save them almost £12 in the cost of each withdrawal of £250 worth of local currency in an overseas ATM compared to other providers.
Top 10 destinations for card usage in 2011:
Customers who switch their banking to N&P and pay in a minimum of £500 per month can also enjoy these benefits:
Free Sentinel Gold protection for cards and keys worth £39.95 per year
A simple, transparent fee structure
A free £250 overdraft for 6 months (subject to status)
A smooth switching guarantee where N&P will transfer your bank account within 10 working days or give you £50 (the £50 guarantee does not apply if it is the originator or your existing bank that's not acted on our instruction)
A £10 fee-free buffer zone to help those who may dip into a small overdraft
A single competitive overdraft rate for both authorised and unauthorised balances of 17.9%
Exclusive savings offers to reward customer loyalty
Ewan Edwards, head of current accounts at N&P said: “The new Gold Classic Current Account has been very good news for our customers, because it gives them a number of extra benefits at no cost. It is particularly useful for those who travel abroad and want the flexibility and security of using their debit card instead of taking a large amount of local currency with them. Customers have used their debit cards and saved money everywhere from Afghanistan to Zimbabwe and even in Timbuktu!”
Andrew Hagger, spokesman for personal finance website Moneynet.co.uk said: "Debit card charges for overseas transactions continue to be a major bugbear for consumers. Many customers choose their current account based upon the credit or debit interest rates, yet for people who travel abroad, a fee free debit card could save them far more over the course of a year. With some providers charging 2.75% plus £1.50 per transaction, it's no surprise that usage of the N&P debit card has more than doubled in the last year."
Ewan Edwards added: “Overall, Gold Current Account is very popular with the 18-25 age group, which include a great many back-packers who use the card throughout their travels. The majority of the largest transactions outside the UK are from gap year students and other round-the-world travellers buying cars to use while living and working abroad.”
For more information, visit nandp.co.uk.