The Co-operative Bank pick ‘n' mix packaged current accounts

The Co-operative Bank has launched the UK's first ever packaged current accounts that offer customers an opportunity to choose benefits to suit their personal needs.

The new Privilege and Privilege Premier current accounts provide a wide range of standard benefits that can save customers over £700 annually. In addition, they allow customers to add one of the following three optional bundles to their benefits package:

Option 1: Gadget
Insurance cover for MP3, cameras, laptops, camcorders, SatNav and portable DVD players and games consoles etc. worth up to £179.98.

Option 2: Safeguard
Cover against ID theft and resolution package, including key recovery service and handbag & contents insurance.

Option 3: Traveller
Four free airport lounge passes per year, Airport Angel annual membership and a passport and luggage recovery service worth up to £129.50.

Dick Parkhouse, Managing Director, Retail, at The Co-operative Bank said: "Until now, packaged accounts have been one-size-fits-all for customers. However, our new offering moves current accounts onto a new level by allowing consumers to tailor benefits to their lifestyle.

"Customers can also make significant financial savings from the comprehensive range of benefits that come with both the Privilege and Privilege Premier current accounts."

Standard benefits on Privilege and Privilege Premier current accounts include comprehensive worldwide family travel insurance, mobile phone insurance and enhanced banking features. Motor breakdown cover with European assistance is also available on the Privilege Premier current account.

Linked savings accounts are automatically opened for customers that guarantee to track the Bank of England Base Rate. The Privilege Premier Savings account will stay 0.1 per cent below base rate, while the Privilege Savings account will pay credit interest of 0.3 per cent below base rate. Other banking features include interest and fee free overdrafts of £300 for Privilege Premier current account holders and £200 for Privilege account customers.

There is also 20 per cent discount on Home Insurance from The Co-operative Insurance, a free Legal Advice Helpline and a Smartsave discount card that entitles customers to discounts on items such as holidays, leisure attractions and car hire.

The Privilege current account costs £8.50 per month, while Privilege Premier current account is available for £12 per month.

Dick Parkhouse added: "Being a customer of The Co-operative Bank also means getting service of the highest quality. We are consistently ranked best on the high street for customer service in independent surveys such as Which? Magazine and BBC Watchdog."

The Co-operative Bank remains the only high street bank with a clear Ethical Policy that gives customers a say in how their money is used. It remains committed to its UK based call centres and offers 24 hour banking via online and telephone banking.

Anyone interested in opening a Privilege or Privilege Premier current account should visit a Co-operative Bank branch, call 0800 247 365 or go online to co-operativebank.co.uk