Current Accounts

Customers paying cheques into nearly half of all current accounts have to wait three working days before earning interest on their cash, new research from MoneyExpert.com shows. And some accounts make you wait five working days, analysis shows.

Working Brits who are unable to stay in the black, cross into their overdrafts on the 20th of each month and 2.1 million never come out of the red.

Short-term interest rate offers are no more than "headline-grabbers" , according to new research by Halifax.

Michelle Slade, Analyst at Moneyfacts.co.uk, comments: “Perhaps as a response to the growing competition in the current account market, more recently from the likes of Halifax and Abbey, Alliance & Leicester has increased its ‘recommend a friend’ incentive to £50.

Michelle Slade, Analyst at Moneyfacts.co.uk, comments: “This is a great idea. Not only is it simple, non intrusive and free, it looks to address the cause rather than throwing money at a symptom.

HSBC has launched the UK’s first ‘green’ options for current accounts giving its customers an opportunity to cut their paper use, support a number of environmental causes and get some great green discounts.

Despite good environmental intentions, the UK remains addicted to paper, according to survey results released today to co-incide with the launch of HSBC’s green options for their current accounts.

Alliance & Leicester is giving its customers two reasons to celebrate this summer by increasing its ‘Recommend a Friend’ offer, and also providing free mobile banking for new and existing customers until 31st December 2007.

Nationwide Building Society responds to the National Consumer Council's (NCC) report about the current account market being a 'jungle' for consumers.

As unfair banking charges cripple Britain’s most vulnerable current account holders, the National Consumer Council (NCC) is today calling on banks to be transparent and provide better, clearer and more upfront information to their customers.

Halifax has announced details of its Student Current Account for the academic year 2007/08. The account will continue to offer the most generous interest-free overdraft from any bank, offering up to £2,750 from year 1 of study.

Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “The launch of Abbey’s 8% current account takes the battle to another level. But you need to be aware that this 8% is short lived, after a year this will fall to 2.50% and it’s sadly not available to existing Abbey customers.

Andy Bayes, Head of Current Accounts at Alliance & Leicester said: “It is great to see our competitors picking up the baton and joining us and challenging the Big Four by offering customers competitive rates of credit interest.

Following the launch of Abbey’s market-leading 8% AER current account, Mike Naylor, Personal Finance Expert at independent online price comparison and switching service uSwitch.com, warns consumers not to be lured in by limited offers:

Commenting on Abbey’s new switching account, Kevin Mountford, head of current accounts at price comparison website moneysupermarket.com, said: “On the face of it Abbey’s new switching account looks a very good offer, demonstrating the battle to gain current account customers shows no sign of ending – we have recently seen Halifax re-introduce its £100 incentive.