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18/07/2012
M&S Current Account To Cost Up To £20 A Month
Following the recent announcement that retailer Marks and Spencer was to launch an in-store banking service, it has now been said that users of its first current account will be charged a monthly fee of up to £20. A number of traditional banks offer "packaged" bank accounts, which also carry a monthly fee.
The Financial Services Authority (FSA) says one in five UK adults have such a packaged account.
But it says some consumers are being sold accounts that they may not need, and has made proposals to tighten up sales of these types of accounts.
The Office of Fair Trading has also announced a review of personal current accounts offered by banks, looking into transparency and competition.
Customers can pre-register for M&S Bank current accounts now, and they will become operational in the autumn.
For £20 a month, the premium current account offers insurance and in-store benefits. Customers will also be given access to a savings account with a fixed rate of 6%.
A similar account without insurance costs £15 a month and comes with similar banking and rewards and a lower amount of potential benefits.
The accounts have an automatic £500 overdraft, with the first £100 interest-free.
The first M&S Bank branch is opening at the group's flagship store at Marble Arch in London.
(H)
The Financial Services Authority (FSA) says one in five UK adults have such a packaged account.
But it says some consumers are being sold accounts that they may not need, and has made proposals to tighten up sales of these types of accounts.
The Office of Fair Trading has also announced a review of personal current accounts offered by banks, looking into transparency and competition.
Customers can pre-register for M&S Bank current accounts now, and they will become operational in the autumn.
For £20 a month, the premium current account offers insurance and in-store benefits. Customers will also be given access to a savings account with a fixed rate of 6%.
A similar account without insurance costs £15 a month and comes with similar banking and rewards and a lower amount of potential benefits.
The accounts have an automatic £500 overdraft, with the first £100 interest-free.
The first M&S Bank branch is opening at the group's flagship store at Marble Arch in London.
(H)
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Co-Op Urge More Banks To Help Bankrupt Customers
The managing director of the Co-Operative’s retail banking has blamed other banks' unwillingness to offer services to bankrupt customers for its decision to end it own services. Co-operative Bank decided to stop offering basic banking services to new customers who are undischarged bankrupts.
11 April 2013
Post Office To Launch Current Account
Following a regulator’s claim that consumers are not offered much choice in the UK’s banking market, the Post Office has announced it will launch its own current account. The new account will be provided by Bank of Ireland and is expected to be fully launched in 2014, although some areas will be offered the account within a few weeks.
Post Office To Launch Current Account
Following a regulator’s claim that consumers are not offered much choice in the UK’s banking market, the Post Office has announced it will launch its own current account. The new account will be provided by Bank of Ireland and is expected to be fully launched in 2014, although some areas will be offered the account within a few weeks.
24 May 2012
Free Banking 'A Dangerous Myth'
Andrew Bailey, due to become the chief regulator of the financial services industry, has said that free banking is "a dangerous myth". Saying that while customers may think their account is free, the true costs are actually hidden. These hidden costs would include the extremely low interest rate that many banks offer on current accounts.
Free Banking 'A Dangerous Myth'
Andrew Bailey, due to become the chief regulator of the financial services industry, has said that free banking is "a dangerous myth". Saying that while customers may think their account is free, the true costs are actually hidden. These hidden costs would include the extremely low interest rate that many banks offer on current accounts.
14 January 2004
Two call centres and 400 jobs axed at Abbey
Abbey has announced today that two of its call centres are to close by the end of October this year which will see around 400 jobs axed. The call centre sites at Warrington and Derby will close, and those jobs, dealing current account enquiries, will be moved to India by the end of October 2004.
Two call centres and 400 jobs axed at Abbey
Abbey has announced today that two of its call centres are to close by the end of October this year which will see around 400 jobs axed. The call centre sites at Warrington and Derby will close, and those jobs, dealing current account enquiries, will be moved to India by the end of October 2004.
21 February 2012
Payments By Mobile 'Expected This Year'
A scheme has been unveiled by the Payments Council that will allow instant electronic payments via mobile phone, and will be as easy as sending a text.
Payments By Mobile 'Expected This Year'
A scheme has been unveiled by the Payments Council that will allow instant electronic payments via mobile phone, and will be as easy as sending a text.
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