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Product News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Current account from RBS is ‘excellent’ 18th January 2016

Royal Bank of Scotland has increased the usage fee for one of its current accounts, but despite this, it has earned an 'excellent' rating for its competitive terms.

The basics…Black Account now has an account usage fee of £26 per month. It also has a generous authorised overdraft buffer of £500 and pays tiered rates of interest depending on the account balance: 0.10% AER is paid on balances of up to £9,999.99, 0.25% AER is paid on balances between £10,000 and £24,999.99 and 0.5% AER is paid on balances from £25,000.

Current account customers can also benefit from added perks such as worldwide travel insurance, a concierge service, vehicle breakdown cover and domestic emergency cover, which could offset the high fee for some users.

The finer details…This account must be opened online but can then be managed online, in branch, by phone, in Post Office branches and via smartphone app. Customers must be at least 18 years old and have a minimum annual income of £100,000, a minimum outstanding mortgage of £300,000, or savings or investable assets of at least £100,000.

A rate of 14.89% EAR will be charged on authorised overdrafts (after the fee-free buffer), while unauthorised overdrafts will incur a daily charge of £6.


High interest current account stays in the charts 11th January 2016

Santander has increased the account fee on its high interest current account, but despite this, it has maintained a place in the Moneyfacts charts thanks to its continuing competitiveness.

The basics…123 Current Account now has a monthly fee of £5. Tiered rates of interest are paid depending on the account balance: 1.00% AER is paid on in-credit balances of £1,000 to £1,999.99, 2.00% AER is paid on balances of £2,000 to £2,999.99 and 3.00% AER is paid on balances of £3,000 to £20,000.

The account must be funded with at least £500 per month and have two direct debits linked to it in order to qualify for the interest.

The finer details…This account can be opened in branch, online and by phone and then operated in the same way as well as in Post Office branches and by smartphone app. Account holders must be at least 18 years old.

An authorised overdraft rate of £1 per day is charged while a £6 daily charge will be imposed on unauthorised overdrafts.


Tesco Bank removes current account fee 16th September 2015

Tesco Bank has removed the £5 monthly usage fee on its current account, cementing its standing in the Moneyfacts charts and earning it an 'outstanding' rating.

The basics… This current account now has no monthly usage fee and pays a credit interest rate of 2.96% gross (3.00% AER) on balances of up to £2,999.99. It also charges a competitive 18.9% EAR on both authorised and unauthorised overdrafts.

The finer details… Applicants must be 18 years or older and applications must be made online. The account can then be managed in branch, online and via Smartphone app.

Account holders can benefit from earning Clubcard points for their everyday spending: 5 points can be earned for every £4 spent in a Tesco store or on Tesco fuel, while 1 Clubcard point will be earned for every £8 spent elsewhere, provided they use their Tesco debit card.


Current account for 11-17 yr-olds gets 5 stars 29th October 2014

Nationwide has unveiled a new current account designed for the younger banker that has scored full marks from Moneyfacts.


Santander adjusts overdraft fees 20th August 2014

has reviewed its overdraft charges on its 123 Current Account. As a result, customers who regularly dip into an unauthorised overdraft may see their cost of borrowing drop.

The basics…

The daily fee for unauthorised usage of an overdraft has been increased to £6 per day, but the fees on paid and unpaid items have been removed, which would reduce the cost of borrowing for certain customers.

The finer details…

The account also comes with an authorised overdraft fee of £1 per day. The cap has been removed, so customers will need to pay careful attention to how long they're in their overdraft for.

Both authorised and unauthorised overdrafts have a fee-free buffer of £12. There are also no fees for paid and unpaid items.

The account still pays tiered rates of credit interest depending on the balance (up to 3.00% APR on balances of £3,000 - £20,000) and has a minimum monthly funding requirement of £500.


Post Office’s competitive current account 04th July 2014

Post Office has reviewed its standard current account with it heading into the Moneyfacts best buys.

The basics…Offering an overdraft rate of just 14.90% EAR, the Standard Account will now give you a £100 gift card if you switch.

The minimum opening balance has been reduced to just £20 and you can now open an account in even more branches then ever.

The finer details…The account must be opened in a Post Office branch and can then be operated in the same way as well as by post, telephone and online.


Tesco’s new five star current account 10th June 2014

Tesco Bank has launched a new current account paying a competitive rate of interest.

The basics… Tesco Bank Current Account pays 3% credit interest on balances up to £3,000 and offers authorised and unauthorised overdraft rates of 18.9% EAR.

The finer details… There is a monthly fee of £5, but this is waived if the account is funded with £750 each month. There are also no usage fees attached to the overdraft facilities.

The account also benefits from Tesco Clubcard points being awarded at five points per £4 spent in Tesco, three points for every £4 spent on Tesco fuel and one point for every £8 spend outside Tesco when using the account's Visa debit card.

The account must be opened online but can then be operated in branch, online or via Smartphone app.


M&S launches new current account 15th May 2014

M&S has launched a new current account that heads straight into the Moneyfacts best buys.

The basics…

M&S Current Account has no monthly fee, no minimum funding requirement and offers a competitive authorised overdraft rate of 15.9% EAR with no usage fee.

The finer details…

The account can be opened and operated in branch, by telephone, by post or online.

Adding to the appeal are numerous benefits including exclusive access to savings accounts, preferential loan terms and a free M&S gift card worth £100 on completion of the switching process using the Current Account Switch Service.


TSB launches no fee high interest current account 31st March 2014

TSB has launched a new current account offering a highly competitive rate of interest.

The basics…Classic Plus pays 5.00% AER (4.89% gross) on amounts up to £2,000 and there is no fee to hold this account.

The finer details…The account must be credited with a minimum of £500 a month and interest is only paid on amounts up to £2,000. Authorised overdrafts are charged at 19.94% EAR and come with an additional monthly usage fee of £6 for amounts above £25.

The account can be opened in branch, by telephone and online and can be operated via the same channels, as well as in any Post Office branch and via a smartphone app.


Yorkshire launches bank account paying 4% interest 21st October 2013

Yorkshire and Clydesdale banks have launched a market-leading high-interest bank account.

The basics…The bank's new Current Account Direct pays customers 4% interest on in-credit balances up to £3,000 until 31 March 2015.

After this time, account holders will earn 2% interest.

In order to earn this rate customers will need to fund the account with at least £1,000 per month.

The finer details…As well as a generous interest rate on in-credit balances this account also charges a very competitive 9.9% EAR on planned overdrafts.

It can be operated online, by telephone and in branch.


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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.