Bank account options for consumers

Although the banking industry in the UK has taken quite a bit of flack over recent years the various High Street banks do offer plenty of choice when it comes to bank accounts to suit different needs. There are many different consumers with banking needs, and their different circumstances and statuses determine which bank account is going to be best suited to their needs.

One of the accounts that most High Street banks offer are basic bank accounts, and these are ideal for some people such as those on low incomes or with bad credit ratings who might otherwise struggle to get a current account. Whilst there are some restrictions with basic bank accounts, such as no debit cards or cheque books with many as well as no overdraft facility, they do offer the ability for accountholders to effectively manage and run their finances, pay bills, get money paid in, and other basic banking functions.

Standard current accounts are what most people have, and these are accounts that enable consumers to run their day to day finances. They are very similar to basic bank accounts in that you can set up standing orders and direct debits, transfer money, pay money in, make withdrawals, etc. However, many bank accounts also come with additional perks such as debit cards and overdraft facilities.

Another type of bank account that is available from many banks these days is the packaged bank account, and these accounts are fee charging accounts with fees that vary from one bank to another. The reason for the fee on these packages accounts is that they offer a package of benefits to the accountholder, which could save them money depending on how many of the services they use. Some of the benefits that come with the package include travel insurance, pet insurance, mobile phone cover, breakdown cover, and more. However, consumers should ensure that they are getting value for money and would not be better off paying for the benefits that they use on the open market rather than paying a fee for the account.

By choosing the right bank account and the right bank for your needs you can ensure that you can manage your finances more easily and conveniently, and with so many different banks and account to choose from it should be relatively easy to find one that is going to suit your needs and circumstances.

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Banks urged to provide services to those that are excluded

A group consisting of charities and local groups is urging banks to extend their services to those that are currently excluded from a wide range of banking services, such as current accounts, basic bank accounts, credit cards, loans, and overdrafts. Read more

Tags: interest rates, overdraft, Credit Cards, Payday loan, priority, quarter

Good news for bank customers due to new measures

Banks have been at the centre of a great deal of controversy over the past couple of years for a range of reasons, ranging from the controversial bank charges on unauthorised overdrafts – which is still being dealt with by the courts – to security breaches, unfair treatment of customers, and lack of clarity when it comes to terms and conditions. Read more

Tags: measures, bank charges, switch accounts, Fair Trading, controversy

£100 incentive from Abbey and A&L

With the competition amongst the leading UK banks and building societies for increased custom some have been offering consumers incentives to entice them to switch their bank accounts, and this is something that Abbey and Alliance & Leicester have now decided to do. Read more

Tags: Leicester account, bank accounts, rate, uk banks, alliance & leicester bank account, Current account, bank

Watchdog makes pledge over bank charges

The UK consumer watchdog, the Office of Fair Trading, has recently promised the no matter what the outcome of the ongoing battle against the banks in relation to bank charges it will still continue to pursue these charges as unfair. Read more

Tags: cheque, senior official, overdraft charge claims, initial rulings, action, bank accounts, bank charges, office of fair trading

Overdraft interest rate increases from Barclays

Barclays Bank has recently hiked up the interest rates charged on its overdraft facilities on many of its accounts, including its packaged current accounts for which customers have to pay a monthly fee. Read more

Tags: Bad news, Additions, increase, bank accounts, overdraft interest rates, overdraft deals, customer, barclays

Online Banking Fraud is on the Rise in the UK

The instances of fraudsters using software that enables them to access bank accounts has rose dramatically in 2008 when compared with such occurrences in previous years. According to bank authorities, online banking fraud doubled in this year alone. The device used by fraudsters to accomplish this task is called keylogging. Read more

Tags: keylogging, online bank accounts, online banking, bank accounts, internet bank accounts

Possible good news for NatWest customers

There could be some good news in the pipeline for customers of the bank, NatWest, if they have been trying to reclaim past overdraft charges that were applied to their accounts. Read more

Tags: judge, high, bank accounts, andrew smith, overdraft, natwest, bank

New packaged accounts launched by Abbey

Spanish owned High Street bank, Abbey, has recently launched two new packaged accounts for its customers, and according to reports has started a new packaged current account war amongst banks that are vying for the business of consumers. After taking a 28% share of the mortgage market this year, the ambitious bank is now looking to increase its share of the current account market by offering these packaged accounts, which offer a range of benefits for consumers. Read more

Tags: mortgages institution, fee, bank accounts, biggest criticism, official

Abbey applies charges to accounts in credit

The High Street Spanish owned bank, Abbey, has found itself in trouble after a number of customers complained about having various charges applied to their account even when they were within their credit limits. According to reports a number of customers have found different charges applied to their bank accounts, ranging from a few pence to pounds, and none of the charges have been justified. Read more

Tags: pence, abbey, bank accounts, letter, Debit card

Fraudulent Attempts to Access Bank Accounts Have Increased

If you have been one of the millions of people who have received an email from your bank asking you to update your information, then it is quite likely that you have been targeted in one of the many bank phishing scams that have been plaguing the Internet and banks. Con artists who try to scam people into revealing their personal banking information has increased about 180% in 2008 over the same numbers for 2007. Read more

Tags: Cybercrime, bank accounts, fraud, security, June, internet, Sandra Quinn

Banks raking in millions through sneaky overdraft tactics

According to a recent report banks in the UK have been raking in a fortune recently by sneakily increasing the interest rates on agreed overdrafts on customers’ bank accounts. Banks have lost millions of pounds over the past couple of years due to overdraft charge claims, and it is thought that this move is designed to try and claw back some of revenue that has been lost through reimbursing these charges to customers. Read more

Tags: bank of england, demand, matter, suit customers, Non-sufficient funds, bank accounts, Treasury spokesman, ripped off

OFT wants review of bank accounts market

The government watchdog, the Office of Fair Trading, has been calling for a review of the bank account system in the UK, claiming that consumers are often getting a raw deal because arrangement that are currently in existence when it comes to the eight billion pound bank account market were simply not adequate. The OFT went on to state that banks were not clear enough about the charges that were applied to customers’ accounts, which makes things confusing for accountholders. Read more

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Finding the right bank account for your needs

For many people a bank account is just a bank account – somewhere to pay their salary in each month and from which to withdraw cash or write cheques. However, these days the world of banking is more competitive than ever and many of the popular banks now offer a choice of accounts and a range of perks and conveniences. In order to ensure that you get a bank account that will not only suit your needs but will make life easier and more convenient, there are a number of things to look out for. Read more

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Do you want to earn an income from your interest?

With a wide range of savings accounts to choose from consumers in the UK can enjoy finding the ideal account to suit their needs and their circumstances. The savings account that you choose will be based not just on your needs and circumstances but also on the amount that you have to invest and what you want from the account. For instance, those looking to gain instant access to a savings account would not fare well with a notice account. However, those wishing to get a tighter reign over their savings accounts withdrawals could really benefit from an account that restricts the number of withdrawals that can be made. Read more

Tags: bank accounts, monthly income accounts, savings account, interest, bank account, rise, tighter reign

Bank accounts for students

Even as a student it is important to have certain banking facilities and services that enable you to manage your money and your debts effectively, and many banks in the UK now offer specialist bank accounts designed to meet the need to students. This is good news for students, as it means that not only can they benefit from having banking services available to them but they can also build a business relationship with a bank, which could prove invaluable in the future when it comes to setting up a regular bank account, setting up a savings account, and most importantly borrowing money for purchases such as a car or property. Read more

Tags: cost overdraft facility, day, relationship, wide range, student accounts, bank accounts, bank account, uk consumers bank

Packaged account charges on the rise

The monthly fees charged on some packages current accounts have been hiked up recently according to a recent report, with officials stating that this is the first step that banks are taking in order to make up for possible losses stemming from the recent High Court test case into bank charges. Whilst the judge ruled in favour of the Office of Fair Trading in the case, which means that the OFT will be able to assess the banks’ terms and conditions for fairness, banks have appealed against the ruling. Read more

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Different types of bank account for UK consumers

Over recent years banking services in the UK have come a long way and consumers have enjoyed more choice than ever when it comes to finding a suitable bank account for their needs. In the past most banks offered one standard bank account for the average consumer, take it or leave it. However, with competition stiff between the growing number of high street and Internet banks, and consumer needs expanding on a continual basis, most banks now offer a choice of accounts to suit a wide range of needs and circumstances. Read more

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Are premium bank accounts worth the cost?

Banking in the UK has come a long way over the years, and these days consumers in the UK can enjoy a choice of bank accounts offering a range of perks. In the past the average consumer had a standard bank account and very little in the way of benefits of perks. However, most consumers in the UK can now select from a choice of bank accounts from both the high street and from Internet banks. Read more

Tags: facility, premium bank accounts, bank accounts, free travel insurance, cheque, Financial services, Internet banks, consumers

Private accounts taken up for package rather than rate

Premier private bank accounts do not have a very high interest rate compared to high street banks and are often taken out for the additional benefits they provide, says an expert.

Samantha Owens, head of personal finance at Moneyfacts, said customers must have high balances to receive any credit interest, which would not be particularly high compared to other accounts.

However, she noted that people open premier private bank accounts because of the benefits they offer, such as investment advice and access to bank managers.

Commenting on who might find this type of account most useful, Ms Owens said: “People who are worth a lot of money, basically… They’re not really for people to just walk in off the street.”

Yet such accounts appear to be gaining in popularity, with Schroders reporting earlier this month that its private banking pre-tax profits were up 54 per cent with a net income rise of 11 per cent.

Ms Owens said that Coutts pays 0.15 per cent on a balance of £5,000 and offers free banking for customers who have over £2,500 in their accounts.

Tags: people open premier, bank account, Private accounts, Private banking, bank accounts, high street banks, finance, investment

A quarter of a billion pounds left in accounts says investment provider

A new initiative has been launched to reunite consumers with their lost bank accounts after it was announced that an estimated quarter of a billion pounds has been forgotten.

National Savings and Investments said that the main reason for money being left in accounts is moving house.

Ayesha De Silva, online manager for NS&I, said: “People often hold an account with two or three different providers over the course of a lifetime and when they move house, it’s the simple fact they forget to tell all the relevant people.”

She added that this situation is exacerbated by every move that a person makes meaning that the funds can just “sits there for years and years and years”.

In research carried out by TNS Phonebus last year, national statistics show that ten per cent of people believe they have lost savings they had as a child.

Only 26 per cent of these people have tried to reunite themselves with their lost money.

Tags: lost bank, National Savings, bank accounts, quarter, house, inflation

Millions switched banks in 2007

According to recent report millions have dissatisfied customers have switched from their existing bank to another bank this year, indicating the high dissatisfaction levels with the banking industry.

Read more

Tags: figure, banks, switch bank accounts, report, Poor customer service, bank accounts

Bank charges could mean many consumers switch bank

A recent survey has been carried out by the consumer campaign group Which?, and the results reveal that there could be a rush of consumers flocking to switch banks in the event that standard monthly bank charges are brought in, effectively bringing free banking in the UK to an end.
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Tags: november 2007 bank, banks, profits, bank accounts, switch bank a, rush, consumers

The Big Four not up to scratch state experts

Industry experts have stated in a recent report that the four biggest UK banks are not living up to required standards when it comes to offering value and service to customers, despite the fact that they are raking in huge profits each year. Read more

Tags: bank accounts, which, natwest, lloyds tsb, barclays, hsbc

Are banks playing on the consumer’s conscience?

Over recent months consumers in the UK have been finding more and more services and products that are going ‘green’, enabling them to get the services or products that they need whilst also helping the environment. Read more

Tags: Payment systems, banks, Credit card, bank accounts, consumer, green credit card, way, Credit Cards

Are UK bank services the best?

According to a report from on economic consultancy, consumers in the UK receive far better and cheaper banking services than practically any other developed country. Read more

Tags: personal loans, Loans, banks, bank accounts, interest rates

Current accounts now available through credit unions

Credit Unions have recently announced that they will now be able to offer current bank account facilities to their members, giving bank customers that are getting irate with the way that they are being treated by the UK’s major banks another option when it comes to their banking needs. Read more

Tags: banks, current accounts, Chief, credit union, bank accounts, Co-operative, cheque, misleading customers

400,000 may not get paid

Hundreds of thousands of people may not receive their wages on March 30th because of a problem with the Bacs payment system.

The entire banking and payments industry is extending a sincere apology to those affected by this, through Apacs, the UK payments association.

As many as 400,000 people are likely to be affected by what is being called a software glitch which has caused the system to work more slowly than usual.

Banks up and down the country have been made aware of the problems and, according to Apacs, are working together with businesses to make sure that payments are made as soon as possible.

Apacs has stated that it expects everyone who has been affected to receive their next set of wages by Monday April 2nd.

Some customers are likely to be unable to withdraw money from their bank accounts over the weekend if they are relying on these wages for cash.

Customers are being told to contact their bank to ensure that any standing orders, direct debits or other payments will be made.

It is also worth contacting your bank to see if charges for going overdrawn as a result of the error will be levied against you.

Tags: cash customers, error, finance, UK payments, software glitch, bank accounts, BACS

How Safe Is Your Internet Bank Account?

The internet is whatever you want it to be. It is such a huge resource of information, good and bad, that whoever uses the internet will find a way to use it in the way that suits them. Read more

Tags: internet bank accounts, bank accounts, internet banking, debts, security, 5 million, online bank accounts, user friendly

The Process and Benefits Of Switching Bank Accounts

It’s a free market, competition is positively encouraged between companies and the banking world is no exception. So what do you have to do when you want to change banks accounts? Read more

Tags: old one, switch bank accounts, best bank accounts, finance, cheque, savings account, bank accounts

Can I Have More Than One Bank Account?

The more the merrier

You may have noticed that banks, building societies and credit card companies are crying out for your money as long as you have an income. All financial institutions have a duty to lend responsibly. Do they, and does having several bank accounts make a difference to the way banks treat you? Read more

Tags: extra bank accounts, secondary, Banking, more bank accounts, additional bank accounts

Bank Accounts For Bad Credit Applicants

With all the different products on the market today there must surely be a Bank Account available for somebody with a low credit rating. Or is there?

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Tags: Credit Cards, time, bad credit, Banking, answer, FSA Banking articles, bank accounts, bad credit bank accounts

How Do Bank Accounts Work?

Why does it take so many days for a cheque to be paid into your personal account? We thought we’d look at how these bank accounts actually function from the Bank’s side of things and maybe along the way we’d find out whether the system is fair to its customers. Read more

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