N&P Gold Account with free overseas debit card transactions

N&P (Norwich & Peterborough Building Society) is making changes to its Gold Current Account from January 2011 which could save customers millions of pounds in overseas debit card transaction fees and charges, the building society announced.

The new Gold Classic Current Account, available online and in branches from 4th January, 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.

Customers who switch their banking to N&P and pay in a minimum of £500 per month can also enjoy these benefits:

A simpler and more transparent fee structure
A free £250 overdraft for 6 months
A £50 smooth switching guarantee
A £10 fee-free buffer zone to help those who may dip into a small overdraft
One lower charge for unpaid and paid items - down to £15 from £29.50 and £23.00 respectively
A single overdraft rate for both authorised and unauthorised balances of 17.9%
Exclusive savings offers to reward customer loyalty
Free Sentinel Gold protection for cards and keys worth £39.95 per year

Research from independent price comparison website uSwitch showed that £400 million was charged in fees and charges for overseas debit card usage in 2009.

Ewan Edwards, head of current accounts at N&P said: "The new Gold Classic Current Account is very good news for our customers, and gives them a number of extra benefits at no cost. It will be 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. It even allows them to make smaller withdrawals from overseas ATMs without the fear of incurring crippling fees for doing so."

"In making these changes to our current account we have listened to what our customers told us they wanted - a cheaper and clearer overdraft structure including an interest free element, free overseas transactions, exclusive deals and more benefits at no extra cost. This account ticks all of those boxes and more."

Michelle Slade, personal finance expert from comparison website, Moneyfacts commented: "It is good to see a current account provider listening to what their customers want. Free debit card use overseas is a massive boost to holiday-makers who have paid enough for the trip, and can really do without additional costs if they miscalculate how much money they are going to need. With each foreign ATM transaction costing up to £12 extra, this can easily provide a holiday hangover."

Stefan Maryniak, personal finance expert at uSwitch.com, says: "This move from Norwich & Peterborough Building Society to scrap foreign fees on its debit card from January 2011 is a lifeline for consumers planning their 2011 holidays. There has been a gap in the market since November for consumers travelling abroad and worried about using their debit card because of high fees, and hopefully this will make things easier for consumers looking to enjoy a holiday abroad next year.

"The move will see loyal customers rewarded - a growing trend over the last year. More and more accounts are offering perks for customers as an incentive to sign, which is great for savvy consumers who can find the best deal and perk for their individual needs. For those who like to travel, but don't like the idea of coming home to bills for using their debit card, this account is a great option."

Ewan Edwards added: "We want to reward customers who choose to bank with us, and give them much more than excellent customer service. By simplifying our overdraft structure, providing them with extra benefits with no hidden costs, and giving them clear and concise information on our products, we are giving them all the tools to help them get on top of their money."

For more information, visit nandp.co.uk.