Banking & Saving - Consumers 'should select the current account that is right for them'
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Latest News Consumers 'should select the current account that is right for them'
Consumers 'should select the current account that is right for them'
Britons looking to compare accounts may be interested in guidance offered by one writer.
Those searching for current accounts should ensure they opt for one which matches their spending needs.Such is the advice of lovemoney.com writer Mark Adams, who notes that while "it's never been easier to switch current accounts", Britons comparing the UK accounts on offer should do carefully.
This is particularly the case when it comes to selecting an account with comes with a competitive overdraft.
People on the hunt for such a product may be interested in his commendation of the Alliance & Leicester Premier Direct current account which offers a 0% overdraft for the first 12 months on balances of up to £2,000.
However, upon entering the second year of such a deal consumers are reminded it will revert to a 50p per day charging structure.
Earlier this month, the bank ran a promotion where those switching to the Alliance & Leicester Premier Current Account would receive a £100 cash bonus.
By Emma North
Wednesday, 23 December 2009 00:00
| Provider | AER | Min Bal | O/D Rate | O/D Buffer | Apply |
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
Santander In-Credit Current Account | ||||
|
5%
|
£1
|
0%
for 4 mths
|
£5,000
|
||
 |
The Co-operative Current Account Plus | ||||
|
0.50%
|
£1
|
0%
for life
|
£200
|
||
 |
Natwest Current Plus | ||||
|
0.10%
|
£1
|
No Offer
|
£100
|
||
 |
RBS Current Account | ||||
|
0.10%
|
£1
|
No Offer
N/A
|
£100
|
||
 |
Halifax Reward Current A/c | ||||
|
£5p.m FREE
|
£1
|
0%
|
£2,500
|
||
- FREE £100 when you switch your current account to Santander
- Earn 5% AER on balances up to £2,500 for 12 months
- After 12 months you will earn 1.0% AER on any balance on the account
- 0% EAR on Overdrafts for the first 4 months (up to £5,000 depending on your circumstances), after this it will revert to 19.9%EAR
- Manage your day-to-day money for free with no monthly account fee, no transaction charges and no charges for using account facilities - as long as you remain in credit
- Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
- Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
- At least £1,000 a month must be credited to get 5% AER on balances up to £2,500
- If not switching earn 6% AER on balances up to £1,000 for 12 months if £1,000 is credited each month
- ***You must deposit at least £800 per month***
- Interest on all balances tracks at 0.5% below the Bank of England Base Rate, guaranteed for the life of your Current Account.
- UK call centres open 24/7, 365 days a year
- Fee-free £200 overdraft facility
- Dedicated switching service
- Free day-to-day banking without subscription charges
- Overdraft available subject to eligibility, giving your finances some breathing space
- Chequebook available subject to eligibility; handy when cash or cards aren't convenient
- Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines
- Free everyday banking - no monthly subscription charges.
- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
- Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
- Earn interest - we pay interest on your account; it's calculated daily and credited once every month.
- Halifax will give you £5 each month you pay in £1,000, whether you're in credit or overdrawn.
- This account offers a flexible 0% Overdraft facility:
- - £1 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £2 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £5 per day - if you use an 'Un-Arranged' overdraft
- A Halifax Visa debit card
- Access to the extensive branch Network
- 24/7 Online Banking Access
- 2.5% AER / 2.47% Gross (variable) on balances up to £2,500, when you pay in at least £1,000 per month into your current account.
- 0.1% AER / Gross (variable) on balances over £2,500.
- Free banking – no charge for everyday transactions when you’re in credit.
- Access to one of the biggest banking networks in the UK with over 1,900 branches and 32,000 LINK cash machines.
- A VISA debit card you can use in over 500,000 places in the UK and 18 million outlets worldwide.
- Commission-free foreign currency and non-sterling American Express Travellers Cheques.
- Utilise the speed and control of Internet Banking, if you are registered.
- You can call PhoneBank ® (based in UK) to speak to our advisors or use our quick automated service, 24 hours a day, 7 days a week.
- "Interest paid monthly. AER (Annual Equivalent Rate) – the rate if interest was paid and compounded once a year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. PhoneBank® is a registered trademark of Lloyds TSB Bank plc."
- Earn up to 4.00% AER / 3.93% Gross variable on balances up to £7000 when you pay in £1,000 per month.
- 4.00% AER (3.93% Gross) on balances £5,000 up to £7,000
- 3.00% AER (2.96% Gross) on balances between £3,000 and £4,999
- 2.00% AER (1.98% Gross) on balances between £1,000 and £2,999
- 0.10% AER / Gross on balances upto £1,000 or over £7,000
- Free banking - no charge for everyday transactions when you're in credit
- Visa Debit card with access to 1,800 UK Branches and 58,000 LINK cash machines, use in over 500,000 outlets in the UK, 27 million worldwide
- Commission-free foreign currency and non-sterling American Express Travellers Cheques
- Utilise the speed and control of Internet Banking, if you are registered
- Call a UK call centre to speak to our advisors or use a quick automated service, 24 hours a day, 7 days a week.
- Interest rates are correct as at 02/02/09
AER (Annual Equivalent Rate) – the rate if interest was paid and compounded once a year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
PhoneBank® is a registered trademark of Lloyds TSB Bank plc.
Account opening is subject to our assessment of your circumstances; you must be 18 or over to apply.
PhoneBank® is a registered trademark of Lloyds TSB Bank plc.
Account opening is subject to our assessment of your circumstances; you must be 18 or over to apply.
- A carbon neutral debit card (subject to status).
- Online Banking – do your banking from home (subject to registration).
- Telephone Banking – pay bills and more (subject to registration).
- A network of over 1,700 branches.
- Draw on cheques paid in before they clear (subject to status and limit).
- An overdraft: 19.3% EAR typical variable*. Subject to status and application. Overdrafts are repayable on demand.
- Barclays £2,500 Overdraft Reserve Option:
- - One Reserve Usage Fee of £22 for each five consecutive working day period from the day you start using your Reserve.
- - No interest payments on your Reserve balance. 0% EAR typical.
- - The Reserve is repayable on demand. The maximum Reserve is £2500, subject to status.
- - One Returned Transaction Fee of £8 for each returned transaction where you exceed your Reserve.
- - One Guaranteed Transaction Fee of £8 for each guaranteed payment made where you exceed your Reserve.
- VISA debit card with every account
- Manage your account online with an excellent internet banking service.
- Commission-free card use abroad - Nationwide are the only high-street provider that doesn't charge you commission if you use your card abroad*. Some competitors charge up to 2.75% for buying goods or services and withdrawing cash abroad.
- Three-month interest-free overdraft when you switch to FlexAccount
- Free day to day banking
- Voted Best Overall Online Provider 2009 by Your Money
- BOS will give you £5 each month you pay in £1,000, whether you're in credit or overdrawn.
- This account offers a flexible 0% Overdraft facility:
- - £1 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £2 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £5 per day - if you use an 'Un-Arranged' overdraft
- A Bank of Scotland Visa debit card
- Access to the extensive branch Network
- 24/7 Online Banking Access
- CardOneBanking offers the following:
- Guaranteed Acceptance
- Sortcode & Account Number
- Prepaid MasterCard card
- 24 hour account management by Phone, Text and Online Banking
- Dedicated Account Manager
- NO OPENING FEE
- NO OVERDRAFT FACILITY – No risk of going overdrawn
- NO EXTRA CHARGES – No charges for bounced standing orders
- NO CREDIT CHECKS! – Guaranteed to be accepted, regardless of your past credit
- YOU must be 18+ and UK resident
- £12.50 monthly management fee
