A MAJOR bank has slashed the price of a fee-paying bank account that offers a number of perks including travel insurance and mobile phone coverage.
The Co-operative Bank’s Everyday Extra account originally cost £18, but has now been reduced to £12 a month in a boost to savers.
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Alongside depositing cash and spending on a debit card, customers can also get a number of perks.
That includes LSG mobile phone insurance, AXA worldwide travel insurance, and UK and European breakdown cover with the RAC.
It could be a handy option for families looking to save on travel and car insurance, if they are jetting off on any holidays this summer.
As the cover is included as part of the perk with the bank, it means you won’t have to fork out for separate insurance elsewhere.
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Plus, the Co-operative Bank has removed foreign transaction fees on debit cards used abroad, so customers will no longer face the 2.75% penalty.
Rachel Springall, finance expert at Moneyfacts, said: “Cost of living pressures can make it difficult for consumers to prioritise where to spend their hard-earned cash, so it’s essential to have both fee-free and reasonably priced current account options to choose from.
“With this in mind, it’s great to see the Everyday Extra Account becoming a more affordable choice as its account fee has been slashed to £12 per month.”
There is also no minimum pay in fee, but you will have to be able to afford to pay £12 each month to keep the account up and running.
To apply for the account you must be between 18 and 79 years old and be registered with a UK medical practitioner for the travel insurance benefits.
This account is only worth your consideration if you think you will use the perks included.
Providers such as Santander and Nationwide are also offering similar deals for £17 and £18 respectively a month.
If you haven’t banked with the firms before, you could also take advantage of their separate switch bonuses.
Santander is offering a new joiner bonus of £180, while Nationwide is giving away £175.
That means you could get up to 10 months of the fees covered by the switch bonus, if that is what you chose to spend the money on.
