The Co-operative Bank scraps foreign card fees across all current accounts

In a further boost ahead of the summer holidays, it’s also lowered the monthly fee on its Everyday Extra account (with perks worth over £640).

Holidaymakers can now use their Co-operative Bank debit card abroad without facing any extra charges after the provider removed foreign transaction fees from its entire range of current accounts (with effect from today).

“Summer can be one of the most expensive times of the year for families, whether it’s keeping everyone entertained at home or holidays abroad, and those costs quickly add up,” said Kat Robinson, Head of Family and Everyday Banking at The Co-operative Bank.

“That’s why we’re removing foreign transaction fees, making it simpler and more affordable for our customers to spend overseas – whether that’s on family holidays, city breaks or everyday purchases while away – helping them keep more of their money while they enjoy their time abroad,” she continued.

What’s more, The Co-operative Bank has also reduced the monthly fee on its Everyday Extra account. Now charging £12 per month (instead of £18), this packaged bank account comes with a variety of perks worth over £640^* in total – including worldwide family travel insurance, UK and European breakdown cover and mobile phone insurance for everyone in the household.

“Cost of living pressure 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,” said Rachel Springall, Finance Expert at Moneyfactcompare.co.uk. “With this in mind, it’s great to see the Everyday Extra account becoming a more affordable choice,” she added.

Are packaged bank accounts good value for money?

Packaged bank accounts include extra products and services, such as insurance, usually in exchange for a monthly fee. This can be more cost-effective than taking out individual policies – but often only for customers who’ll make full use of the features.

Otherwise, some might find it cheaper to arrange separate policies (instead of footing a monthly bill for a packaged bank account). Meanwhile, those who already have insurance could end up paying twice for the same type of cover if they opt for a packaged account.

That’s why it’s crucial to consider all aspects of an account carefully to find one best suited to your needs – including whether any perks outweigh the costs.