UK Money News
8th May 2008
High street banks raise monthly fees on current accounts
Three of the UK's largest high street banks are set to levy new charges on customers with packaged accounts, it has been reported.
Royal Bank of Scotland, NatWest and Lloyds TSB are poised to raise monthly fees for customers with accounts that are bundled with other financial products such as mobile phone insurance, according to a report from the Times.
The move is planned as a means of raising revenue prior to the ruling by the Office of Fair Trading (OFT) which could see overdraft fees capped.
David Black, of Defaqto, the financial analyst, said: "The current account market is going through a lot of changes as a result of the OFT court case.
"If the conclusion is that these charges are too high, the OFT could seek to force banks to reduce them. If that's the case, banks have to look for other ways of making money."
Around seven million consumers will be affected by the extra charges.
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