B Current And Savings Account

B current and savings account

If you like the idea of an interactive current account which allows you to manage your finances while you’re on the move, the new "B" account from Clydesdale Bank and Yorkshire Bank could be worth a look.

B includes, as standard:

• A current account
• A savings account
• An easy-to-use app for tablet and mobile

Launched in 2016, the app-based B account is available on both Apple and Android devices, so you can log on whenever you want and set up savings pots, tag and track spending or automatically sweep cash between current and savings accounts. You can also link any offset mortgage you hold with Clydesdale or Yorkshire Bank to your B current or instant savings account to help reduce the amount of interest you owe.

Why is this app different?

It’s packed full of super-smart features to give you a clearer view of how you spend and save. It’s an intuitive app that can learn and grow as you use it, to help you manage your money. You’ll need to use both your compatible tablet and smartphone to get all of the features.

The account “learns” about the way you spend and save money and can help predict where you are likely to end up overdrawn at the end of the month, or if you’ll have enough to cover all your outgoings. 

It also allows you to set up lots of different savings pots within the same account, so that you can save towards different goals. For example, you might decide to save £50 a month, and allocate £20 of this to a savings pot to put towards a holiday, and the remaining £30 into a savings pot to help you buy a new car.

Useful Information to Know

• The B current account pays 0.25% interest on balances up to £2,000, and nothing on any part of your balance that is higher than this
• The B savings account pays 0.75% per year
• If you set up an agreed overdraft on your B account, you’ll be charged an equivalent annual rate (EAR) of 12.5%, plus a £6 monthly fee
• There is a two day grace period for you to clear your overdraft when you go into the red, as well as a £25 buffer before any fees are charged.If you go overdrawn without arranging it first, you’ll be hit with a £6 daily charge with a £10 buffer and two day grace period
• There is no monthly account fee

The B current and savings account is a great choice for those who struggle with budgeting or would like more a more streamlined and easy to use internet banking system. Being able to organise your savings into various ‘pots’ is a great idea and takes the hassle out of saving. It’s an inexpensive option with no monthly account fee, but you could find yourself spending more if you use your overdraft often. The lower interest rates also may not suit everyone.