Current Accounts

Financial crisis triggers surge in bank switching

The financial crisis appears to have overcome the inertia surrounding the current account switching market according to figures by The Co-operative Bank.

Bank of England decisions used by banks to increase margins

Most banks and building societies have been using Bank of England decisions to reduce interest rates as an excuse to cut credit interest, but they have failed to do likewise with overdraft rates.

Charges for going into the red increase 20%

Bank customers who exceed their overdraft can expect an extra £5 in charges for every transaction which pushes them into the red this Christmas.

Abbey offers £100 bonus to current account switchers

Switchers to Abbey's 'limited edition' current account will receive £100 if they move to Abbey before the 15th of December.

Overdraft rates soar

Despite a 2.75% cut in base rate in the space of a year, overdraft rates have continued to increase, with Yorkshire Bank and Clydesdale Bank increasing rates by as much as 7.31%.

'Make do and mend’ or make money stretch further?

The predicted fall in inflation will come as welcome news to the country's over 50s, only 2% of whom feel they have not yet suffered from steep rises in the cost of living.

Current account providers cut in-credit interest rates

During a week of financial frenzy, research from uSwitch.com reveals that six current account providers have reduced in-credit interest rates by as much as 0.99%.

moneysupermarket.com: Abbey packaged account

Commenting on the launch of Abbey's packaged account Kevin Mountford, head of current accounts at moneysupermarket.com, said: "Packaged accounts have rightly faced criticism on the basis that the benefits offered are often very generic; meaning the accounts are not always appropriate for the customers they are targeting, or even used by them.

Abbey launches new bank accounts with lifestyle benefits

Abbey is launching two new accounts designed to offer added value to families and people who like to travel frequently. The accounts, which cost £15 a month, are Abbey's first entry into the 'added value account' (also know as "packaged accounts") market.

A&L’s Premier 50 Current Account celebrates first birthday

A year on from its launch, Alliance & Leicester's Premier 50 Current Account for the over 50s still offers a market-leading credit interest rate, currently 8.50% AER, despite the Bank of England Base Rate being cut by 1.25%, from 5.75% to 4.50% during this time.

Coy couples missing out on current account cash

Over a quarter (27 per cent) of British couples could be missing out on higher credit interest rates by not pooling their current account cash, according to new research from Lloyds TSB.

Menu pick current account

David Black, Principal Consultant of Banking for Defaqto, comments on The Co-operative Bank's introduction of a pick'n'mix current account: "While some providers are now offering a range of added value current accounts - from entry level to premium - this has only partially addressed the issue that different customers have differing requirements in terms of incentives."