Co-op launches lifestyle choice current accounts

by Gill Montia

Story link: Co-op launches lifestyle choice current accounts

The Co-operative Bank has launched two current accounts that allow customers to choose benefits to suit their lifestyles.

According to the bank, the new Privilege and Privilege Premier accounts are the first of their kind in the UK, providing a wide range of benefits that can save customers over £700 a year.

In addition to standard benefits such as worldwide family travel insurance and mobile phone insurance, customers can add one of three optional bundles.

The “Gadget” bundle, which is estimated to be worth £179.98, provides insurance cover for MP3 players, cameras, laptops, camcorders, SatNavs, portable DVD players and games consoles.

“Safeguard” protects against ID theft and resolution. It also includes a key recovery service and insurance for handbags and their contents.

The “Traveller” bundle provides four airport lounge passes per year, Airport Angel membership and a passport and luggage recovery service which the bank says is worth up to £129.50.

Customers opening a Privilege or Privilege Premier current account will automatically be provided with a linked savings account that guarantees to track the Bank of England Base Rate.

The Privilege Premier Savings account pays interest at 0.1% below base rate and the Privilege Savings account at 0.3% below.

Monthly account charges are £8.50 for the Privilege current account and £12 for Privilege Premier.

Earlier this month, the Co-operative Bank took first place in the 2008 UK Retail Banking Customer Satisfaction tables.