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Clydesdale Banking
The standard current accounts are Cashmaster (which has no credit facility and no interest either) and the Current Account, which offers free day-to-day Clydesdale banking (as do most standard accounts), and some extra benefits normally only associated with premium banking. These include discounts on Green Flag vehicle recovery, a discounted hire purchase scheme on a new car, holiday discounts and a free financial healthcheck (although that usually means a chance for them to try to sell you something). There's something called Current Account Extra too, although other than the fact that fewer people are eligible for it, we can't spot the difference!
Current Account Choice is the premium Clydesdale banking service which includes preferential interest rates on borrowing and overdrafts, holiday discounts and a genuine travel policy that covers your whole family (most offers like this don't). The financial benefits are complicated, for example your debit interest rates will be reduced additionally provided you also have your mortgage with the Clydesdale so make sure the value adds up before you buy. Confusing? We think so.
Charges are rather high though- a banker's draft will cost you £12 (odd- £1 less than sister bank the Yorkshire), duplicate statements £5, and stopped cheques £10. Furthermore, interest rates aren't made very clear on the website (for saving or borrowing, although unauthorised borrowing tops 30%APR) and the unauthorised borrowing fee appears to be £22.50 for every three days you're over your limit- unlimited. So a fortnight at £10 overdrawn could cost you over £100!
Finally, £120 per annum buys you premium Clydesdale banking- with your own one-to-one financial adviser. You'll also get preferential interest rates; as well you should for that fee!
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