The Co-operative Bank
Thursday, 27th April, 2017
THE CO-OPERATIVE BANK LAUNCHES NEW EVERYDAY EXTRA PACKAGED CURRENT ACCOUNT
The Co-operative Bank has today, (25th April, 2017) launched its new simple and transparent packaged current account ‘Everyday Extra’; a Moneyfacts five star rated account with the benefits of Worldwide Family Travel Insurance, UK and European Breakdown Cover, and Mobile Phone Insurance.
For a fixed monthly fee of £15, customers can benefit from high quality insurance policies from market leading providers. A major benefit of the new account is that there are no excesses to pay when making a claim, which can typically save customers up to £100 if they have a smartphone which is lost or stolen. Customers can also benefit from the insurances immediately on account opening as there are no registration requirements.
For joint accounts it is even better value for money as both customers will be covered for the single £15 monthly fee. This will allow customers to travel or drive independently of each other and both of them will be able to have their own mobile phone covered.
Summary of Everyday Extra benefits:
Worldwide Travel Insurance: Provided by AXA: Full Policy Doc
Cover for all the family up to and including age 79;
Winter Sports included (up to and including age 64 for Winter Sports);
Cover for trips up to 45 continuous days (21 days for Winter Sports);
Children can travel independently of the accountholder;
No excesses are payable on claims.
UK & European Breakdown Cover: Provided by RAC: Full Policy Doc
Personal based cover for the account holder(s) rather than the vehicle;
Roadside assistance to repair the vehicle;
Recovery for the vehicle to any destination in the UK;
At Home breakdown assistance;
Replacement car whilst your vehicle is being fixed, overnight accommodation, or alternative form of transport.
Mobile Phone Insurance: Provided by Lifestyle Services Group: Full Policy Doc
Covers one phone per account holder up to the value of £1,000;
Covers theft, loss, damage and breakdown occurring anywhere in the world;
No excesses are payable on claims.
Full details of the insurance policies offered as part of our Everyday Extra account are available here: http://www.co-operativebank.co.uk/currentaccounts/everydayextra
Everyday Extra account holders can also opt into Everyday Rewards and could receive up to £5.50 per month into their account or to one of five nominated charity partners from their everyday banking arrangements. The bank partners with; Amnesty, Hospice UK, Oxfam, Refuge and Woodland Trust; and customers can opt to pay their Everyday Reward to one of these charities by logging on to their online banking and nominating one of them to receive the cash.1
As the only UK high street bank with a customer led ethical policy, which this year celebrates its 25th anniversary, The Co-operative Bank is committed to providing customers with ethical products and services. Everyday Extra was co-created with customers who were consulted during the development of the account to ensure wherever possible we are aligned to our ethical policy, offering a simple and transparent offering whilst also adding value for our customers. Packaged accounts have always been a firm favourite with many of our customers and this one has been developed with the feedback of our customers at the heart, they even helped us decide the name of the account.
For more information on The Co-operative Bank’s Ethical Policy and how our products are co-created with customers, visit:
Matthew Carter, Director of Product and Communications at The Co-operative Bank, said: “We have worked with our customers to understand what benefits they most wanted from this type of current account. They wanted it to be simple and transparent and include high quality insurance cover from market leading providers that they could benefit from every day. Customers also told us the level of excesses they’ve paid when making a claim were too high and, they didn't want to pay additional fees to enhance cover; such as by adding Winter Sports, which is often excluded on other similar accounts. Everyday Extra offers comprehensive cover and we are confident it will be convenient and deliver great value for our customers.”
Existing customers who have not benefited from a switching incentive already, who chose to upgrade their account to Everyday Extra could also be eligible for the Bank’s £110 switching offer.2
Notes to editors
1 Everyday Rewards
Account holders can earn rewards of £4.00 a month by simply:
On top of this, customers can earn 5p every time they use their debit card up to a maximum of £1.50 a month, giving a total monthly reward of up to £5.50, or £66 annually.
Customers can opt to donate their monthly rewards to one of five nominated charitable partners: Amnesty International; Hospice UK; Oxfam; Refuge and The Woodland Trust.
2 £110 Switching Offer
New customers using the full CASS to move at least four active direct debits to an eligible Co-operative Bank current account:
Existing Co-operative Bank Current Account, Privilege Account, Privilege Premier Account, Current Account Plus account holders, if they are not paying in at least £800 per month and have not done so between October 3rd 2016 and January 3rd 2017, and who have not previously switched to the bank and benefitted from a monetary switching incentive since January 2014.
For full terms and conditions:
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around 4 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.