High street bank used by 2.6million customers to hike big account fee within weeks ...Middle East

A HIGH street bank, trusted by millions of loyal customers, is set to hike fees on a popular account in a matter of weeks.

The Co-operative Bank is increasing the monthly charge on its Everyday Extra package bank account in July.

Everday Extra is a current account which provides additional benefits compared to Co-op‘s standard bank accounts.

It functions like a regular current account, allowing direct debits, standing orders, and other standard banking operations.

However, it also offers a range of lifestyle benefits, including mobile phone insurance, worldwide travel insurance and UK and European breakdown cover.

Currently, customers pay a monthly fee of £15, totalling £180 a year.

But starting from July 1, this fee will increase to £18 a month—an extra £36 annually.

A spokesperson for the bank said: “The subscription fee on our Everyday Extra product has remained constant since its launch in 2017.

“But due to the costs levied by our suppliers increasing during this time, we’ve had to make the decision to increase the fees that our customers will pay from July 1, 2025.”

The Co-operative Bank is not the only firm increasing fees for packaged accounts this year.

Lloyds Bank is increasing the monthly charge on its Club Lloyds package bank account in June.

At the moment there’s a monthly fee of £3, but this is waived if you deposit £2,000 or more into the account each month.

However, from June 2, this fee will rise to £5 per month, potentially adding up to £24 more per year for those who do not meet the £2,000 monthly deposit requirement.

This change will also affect customers with Club Lloyds Silver and Club Lloyds Platinum current accounts, as they are charged the standard Club Lloyds monthly fee in addition to their respective account fees of £11.50 per month for Silver and £22.50 per month for Platinum.

What does Co-op's Everyday Extra account offer?

What other packed bank account options are there?

If you use package bank accounts correctly, they can save you £100s off the cost of breakdown, travel, mobile and gadget insurance.

When weighing up the value of these accounts it’s important to review the levels of cover offered and consider whether you will use all of the benefits included.

If not, then these may not be the best option for you.

Here are some examples of the best package bank accounts currently available.

Nationwide

Nationwide FlexPlus packaged bank account costs £18 a month and offers a host of additional services and perks.

These benefits include worldwide travel insurance, mobile phone insurance, breakdown cover, and preferential rates on loans and overdrafts.

The account does not require a minimum pay-in, and customers get worldwide travel insurance for family trips of up to 31 days.

Mobile phone insurance is also provided for all members in the same household, and it covers for loss, theft, damage and faults.

Additionally, account holders can use their debit card abroad without incurring non-sterling transaction fees.

FlexPlus customers also get vehicle breakdown cover in the UK and the rest of Europe even if somebody else is driving.

NatWest

NatWest’s Reward Silver account costs £10 a month and offers European travel insurance for trips of up to 22 days.

Customers also get free mobile phone insurance and can use their debit card abroad without incurring extra charges.

Those looking for worldwide travel insurance can apply for a Reward Platinum account which costs £22 a month.

This account also includes UK breakdown cover.

To find out more, visit natwest.com/current-accounts/packaged-bank-accounts.html#compare-packaged-accounts.

Club Lloyds

Club Lloyds (£3 a month)

Club Lloyds Silver (£11.50 a month + £3)

Club Lloyds Platinum (£22.50 a month + £3)

Virgin Money

Virgin Money’s M Club packaged bank account is one of the cheapest on the market, costing £12.50 a month or £150 a year.

It comes with free gadget insurance, worldwide family travel insurance and UK and European breakdown cover.

The gadget cover protects both mobile phones and other tech, such as tablets and laptops.

Customers do not need to make a minimum monthly payment to qualify for the account.

According to the bank, equivalent policies would cost upwards of £500 a year, so customers save £350 with this account’s perks.

To find out more, visit uk.virginmoney.com/current-accounts/pca.

Halifax

Halifax’s Ultimate Reward package bank account costs £19 a month or £228 a year.

Customers do not need to make a minimum monthly payment to qualify for the account.

The product comes with free gadget insurance, worldwide family travel insurance, UK breakdown cover and home emergency cover.

Customers can also receive additional rewards if they pay in at least £1,500 a month into the account.

You can choose from £5 a month cash, a Vue cinema ticket, or three digital magazines.

To find out more, visit halifax.co.uk/bankaccounts/current-accounts/ultimate-reward-current-account.

How do I switch bank accounts?

SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.

Under the switching service, swapping banks should take seven working days.

You don’t have to remember to move direct debits across when moving, as this is done for you.

All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

When switching current accounts, consider what other perks might come with joining a specific bank or building society.

Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.

And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.

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