Are you unhappy with their current account? Have you considered the benefits offered by a packaged account?
Recent research by Moneyfacts.co.uk found that interest paid on current account balances are the latest perk to fall by the wayside for customers.
Natwest and Royal Bank of Scotland are the latest two providers to remove interest paid to current account customers.A cursory glance at the Moneyfacts.co.uk Banking Best Buys shows that more than half of the current accounts on the market pay no interest on current account balances and just under a third pay less than 0.1%.
It is the latest in a line of money saving measures that the UK's banks have taken, as new rules will insist that they have more funds in reserve should another unexpected turn take place. There is evidence that while the banks are taking with one hand, they are giving with another. However, as overdraft rates are improving, often allowing a generous interest free buffer and extra added benefits.This is particularly true in the packaged account arena.
Some people are understandably reluctant to pay for the privilege of their day to day banking – a trend that is far more common outside the UK. But the benefits on offer, including travel cover, car insurance and legal advice to name but a few, mean that for some people paying for their current account actually makes financial sense.
If you're one of those people weighing up the benefits of a packaged account, you could now 'try before you buy', so to speak.
The Co-operative Bank
The co-operative bank has introduced packaged accounts that are fee-free for the next 12 months when you switch your current account.
Privilege current account - offers benefits worth over £600 including:
Privilege Premier current account- offers benefits including:
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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