Current Accounts

Mike Naylor, Personal Financial Expert at independent price comparison and switching service uSwitch.com, comments on Alliance & Leicester’s new 10% AER current account for 16-21 year olds:

Alliance & Leicester is extending its market-leading Premier current account range to recognise the needs of 16-21 years old with the launch of the Premier 21 Account. The account, which launches on Monday 30th April, has been designed to make the hard-earned cash of those who are just starting out on their career go further with an unbeatable credit interest rate of 10.00% AER.

The OFT has today launched a market study into personal bank current account pricing, alongside a formal investigation into the fairness of charges for unauthorised overdrafts and returned items.

Lloyds TSB has today launched a new current account with a range of benefits, ideally suited for people who have recently moved to the UK, particularly the growing Polish community. The Silver account is the latest addition to a range of initiatives launched by the bank, including the opening of a number of stores that cater for the needs of customers from overseas.

Lloyds TSB has launched a new current account with a range of benefits directly targeted at the growing number of Poles moving to the UK.

The number of people leaving their bank has soared by 453,000 in the past quarter as current accounts become the new switching battleground, new research from MoneyExpert.com shows.

HSBC’s Passport account customers can now tap into local knowledge of the UK - from information on healthcare and employment to transport or finding a plumber - in their own language, with the introduction of a new 24-hour multi-lingual advice service as part of their account.

Alliance & Leicester is increasing the credit interest rate on its award winning current account, Premier Direct, to 6.5% AER up from 6.1% AER with immediate effect.

Commenting on news that HSBC is to operate a branch exclusively for its ‘Premier’ customers, Kevin Mountford, head of savings and current accounts at moneysupermarket.com, said:

Andrew Hagger, head of news and press at Moneyfacts.co.uk, comments: “Over the last couple of years we’ve seen the emergence of more current accounts offering high credit interest rates, some of which are on a par with the top paying savings accounts.

Nick White, Director of Financial Services at price comparison and switching website uSwitch.com comments on Citibank’s latest move to automatically upgrade their Sterling current account customers to a Citibank Plus £10 a month packaged account:

Halifax's new Ultimate Reward Current Account, believed to be the best value packaged current account from a major High Street bank, launches on Monday 19th February.

Nearly one in three (31%) of singletons pledge to remain financially independent in their next relationship and have no plans to sacrifice their autonomy by opening a joint account, according to research by Alliance & Leicester Current Accounts.

A new Alliance & Leicester Premier ISA account paying 7.00% pa gross/AER is being launched for customers opening an Alliance & Leicester Premier Current Account and will be available for a limited period only.

On average, internet only current accounts pay 2.27% per annum less than the most competitive current account deals on the high street, according to uSwitch.com.