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News Tag: current account

November 2, 2012

Basic bank account standards at risk

by Jan Harris
Basic bank account standards at risk
Consumer Focus, the statutory consumer champion, is calling for a minimum standard for basic bank accounts to be introduced, to ensure the survival of the product. Basic bank accounts are used by people who are unable to open a regular current account, perhaps because of a poor credit history. It is estimated that they are used by around 20 per cent of ...




September 26, 2012

M&S Bank launches current accounts

by Jan Harris
M&S Bank launches current accounts
M&S Bank which opened its first branch in July, launched its first current accounts today. The accounts are available from the bank’s 13 in-store branches. The retailer hopes to attract customers by capitalising on its reputation as a trusted brand. A marketing campaign, launched to promote the new accounts, uses the strapline 'new fashioned banking' and states that the current accounts offer the ‘same ...




July 18, 2012

M&S bank launches £20 a month current account

by Jan Harris
M&S bank launches £20 a month current account
Marks and Spencer is opening its first in-store bank branch this week and will launch its first current account this autumn. M&S bank will make its debut at the retailer’s flagship store in Marble Arch, London, with 49 more branches expected to open over the next two years. Its current account is targeted firmly at M&S shoppers, offering a number ...




July 13, 2012

OFT to review Personal Current Account market

by Jan Harris
OFT to review Personal Current Account market
The Office of Fair Trading (OFT) is to assess whether banks have made it easier for customers to switch current accounts. Following a review in 2008 the OFT said that the personal current account market was not working well for consumers. It reported a lack of transparency over charges, making it difficult for customers to compare their bank account with others in ...




June 11, 2012

More people lying on bank account applications

by Jan Harris
More people lying on bank account applications
The number of people giving false information when applying to open a current account soared in the first three months of 2012, according to Experian. The credit checking firm said that bank account application fraud increased by 23 per cent, compared with the final quarter of 2011. Current account application fraud is now at its highest level for three years, with ...




December 8, 2011

Santander offers £330 for switching account

by Jan Harris
XXX
Santander has joined with Moneysupermarket.com to add an extra sweetener to a deal designed to tempt people to switch their bank account. Anyone who switches their main current account to Santander’s Preferred Current Account via the Moneysupermarket.com price comparison site, could receive £30 in Amazon vouchers as well a £300 cashback reward. However, customers who are completely new to the bank will only receive a £100 ...




August 8, 2011

Japan’s current account surplus down 50% in June

by Kay Mitchell
...




March 8, 2010

Virgin Money to become first bank to charge upfront fees

by Kay Mitchell
’Virgin
Virgin Money, which is set to launch as a retail bank later this year, has announced it will charge a monthly fee for current account customers. However, the company said the fees will be low and will replace high overdraft charges. Sir Richard Branson’s Virgin Money recently acquired regional bank Church House Trust. Virgin Money, which was unsuccessful in acquiring ...




February 4, 2010

Customers cite ethical concerns for switching banks

by David Masters
Customers cite ethical concerns for switching banks
The popularity of current accounts with ethical provider The Co-operative Bank soared in 2009. Current account sales at the bank increased 38%, with the number of customers switching to The Co-operative Bank from other major providers rising 22%. Research by The Co-operative Bank found that 10% of consumers switching current account providers do so because they want their money to be invested ...




November 20, 2009

Santander entices mortgage borrowers with Zero current account

by Gill Montia
”Santander
Mortgage borrowers with Santander will soon be able to take advantage of a bank current account that attaches no fees to overdrafts, whether authorised or unauthorised. The Spanish banking giant is launching a “Zero” current account on 11th January 2010 to coincide with its rebranding of Abbey, Bradford & Bingley and Alliance & Leicester to the group name. Customers going into ...




November 13, 2009

Santander discounts premium accounts

by David Masters
Santander discounts premium accounts
Santander is attempting to lure new customers into opening a premium current account with an introductory special offer. New customers opening a Premier 50 Current Account at Alliance & Leicester or a Reward Bank Account at Abbey will pay account fees of just £5 per month for the first three months. After this introductory period, the monthly payment will rise to the standard rate of ...




November 10, 2009

Special mortgage rates for Abbey current account holders

by Gill Montia
”Special
Abbey and Alliance & Leicester are offering preferential mortgage rates to some existing customers. The lenders, both part of the Santander group, are enticing current account holders who have been with the banks for six months or more with new deals available in branch or on the telephone. The range includes fee-free tracker and fixed-rate home loans, plus an offset mortgage, ...




October 7, 2009

Banks agree to make costs transparent

by Kay Mitchell
”Banks
An investigation by the Office of Fair Trading (OFT) found that consumers struggle to understand current account charges, as well as interest rates and overdraft fees. As a result, new measures from 2011 will see banks make it easier for consumers to understand their costs and charges, as well as making the switching process easier. This means it will be simpler to transfer ...




September 7, 2009

Santander offers £100 to new customers

by David Masters
”Santander
Abbey and Alliance & Leicester (A&L) are offering new customers a £100 incentive to switch to their current accounts. The Santander-owned banks are offering the bonus to new customers opening an Abbey Preferred Overdraft Rate account or an A&L Premier Account from today. To receive the cash bonus, customers must fund the account with a minimum of £500 per month at A&L, or ...




August 11, 2009

Abbey warns businesses: 6% deal closing soon

by David Masters
”Abbey
Abbey's 6% savings account for small businesses will only be available until the end of this month, the business banking provider warned this week. "The clock is now ticking and I would urge small businesses who haven't already taken advantage of this offer, to do so before time runs out," said Paula Ickinger, Abbey Business Banking product executive. The account, available for ...




July 10, 2009

Lloyds TSB launches 2009 student account

by David Masters
Lloyds TSB launches 2009 student account
Lloyds TSB this week launched its 2009 Student Account with a first-year interest free tiered overdraft of up to £1,500. Benefits include free mobile banking until August 2010, an NUS Extra card offering discounts at over 60 retailers, one year's membership to the Youth Hostel Association (YHA), and 35 music downloads from eMusic. The overdraft is limited to £500 in the first six ...




June 30, 2009

Check your bank balance via text message

by David Masters
”Check
Customers at Lloyds TSB are now able to request their bank account balance via text message. The "Balance on Demand" service was launched today by the high street bank. To check their bank balance, customers text BAL and the last four digits of their current account to a special short telephone number. In reply, they receive a text that shows their current balance ...




June 23, 2009

Earn 6% interest with Abbey’s packaged account

by David Masters
Earn 6% interest with Abbey's packaged account
Abbey is paying a 6% interest rate to its premium current account holders. The Santander-owned bank is offering the rate on balances up to £2,500 to customers opening the new Abbey Reward Account. To benefit from the headline rate, customers must deposit at least £1,000 per month into the account. Other benefits of the £10-per-month packaged current account include annual worldwide travel insurance ...




June 12, 2009

A&L business account pays 6%

by David Masters
A&L business account pays 6%
Alliance & Leicester Business Bank (A&L) is offering 6% AER to small businesses opening a Free Business Current Account at the bank. Aimed at SMEs with a turnover of up to £1 million, the account offers the headline rate for 12 months after account opening on balances up to £2,500. Available immediately for a limited period, the account can be opened in any Alliance ...




May 6, 2009

Disillusioned savers switch to ethical banking

by David Masters
”Disillusioned
Ethical banking is proving a popular choice for British savers, with record numbers signing up for accounts at the Co-operative. The bank this week revealed that 123% more people have signed up for its current account this year compared to last year. Customers are coming to the Co-operative, which has an ethical screening policy on its investments, from more traditional high street banks ...