Current Accounts

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.

Abbey Banking today announces a fantastic new rate for customers who switch to its current account. The 8 per cent headline rate puts Abbey at the top of the market and is available to switchers from 2 July 2007.

Over 5 million joint account holders (20 per cent) use their (joint) account to make purchases for themselves without telling their partner, according to research from Abbey Current Accounts. Yet, this is still less than the 24 per cent of people who suspect their partner of doing so.

Commenting on the launch of Halifax’s cash bonuses for those who switch current accounts, Kevin Mountford, head of current accounts at price comparison website moneysupermarket.com, said:

The profile of the average teenager is changing – today’s younger generation is a financially ambitious group with almost a quarter (24%) 16-21 year olds in employment expecting to be earning over £40,000 in as little as 10 years time – this could be over double the national average wage of £23,244, according to research by Alliance & Leicester.

Today’s young bankers are embracing new technology to keep track of their finances, with more than half (54%) of 16-21yr olds willing to use their mobile phones to check the balance on their current account, according to research from Alliance & Leicester Current Accounts.