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Bank launches 'pick n mix' account

Updated on 27 September 2008

Source PA News

The Co-operative Bank is launching a 'pick n mix' style packaged account that enables consumers to choose some of the benefits they receive.

The bank believes the account, which will be available from Monday, is the first of its kind to give consumers a choice about what they get.

Packaged accounts are current accounts that offer consumers a range of free benefits, such as travel insurance and breakdown cover, in exchange for a monthly fee, but consumers are not typically able to select these benefits.

Under the Co-operative Bank's Privilege and Privilege Premier current accounts, customers will receive a range of core benefits, including family travel insurance, mobile phone cover, an interest free overdraft of up to £300 and access to certain savings accounts.

Customers will also have access to a free legal advice helpline and a discount card enabling them to making savings on holidays, leisure attractions and car hire.

On top of this they will be able to select one of three packages of benefits, offering free insurance for gadgets such as cameras, laptops and MP3 players, or cover against identity theft and handbag insurance, or a traveller option giving people access to airport lounges and including a luggage recovery service.

The group claimed that the benefits that come free with the accounts are worth more than £700 a year.

The Privilege current account costs £8.50 a month, while the Privilege Premier one costs £12 a month.

Dick Parkhouse, managing director of retail at the Co-operative Bank, said: "Until now, packaged accounts have been a one-size-fits-all for customers.

"However, our new offering moves current accounts onto a new level by allowing consumers to tailor benefits to their lifestyle."

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