Many UK banks now offer a full range of traditional products and a suite of insurance and assurance products.
Some of the products that are available are:
- Current Accounts: 3 main categories of current accounts exist. Packaged accounts where you pay a monthly subscription fee and, in return, get a package of services. The second type of current account is the standard fee free accounts. You normally get an overdraft subjected to status, with a card with this type of account. The third type of current account is the Basic current account. These accounts are for people who don't qualify for an overdraft.
- Overdrafts, which come with current accounts subject to status
- Student and Graduate accounts
- Children and youth accounts
- Savings accounts. A wide range of savings accounts exist, including instant access, notice accounts, and bonds.
- Credit cards
- Personal loans, which are unsecured.
- Mortgages, which represent secured loan used to buy a house. There are a wide range of mortgages including fixed rate, discounted, flexible
- Offset accounts, which pack up all your accounts into one package.
- Insurance such as Travel, home, and car insurance. Also loan insurance, mortgage, insurance. And some less common ones like pet insurance.
- Assurance products. When you take a mortgage you will need life assurance.
- Travel currency / Travelers cheques
The account types above are available to personal customers. Banks, also, offer a wide range of accounts also to small business and corporate customers.
There are other services that banks offer, such as:
- Internet banking
- Telephone banking
- Mobile phone banking - not all banks offer this yet but it's coming and it's going to be big
- Share dealing services
- Cash Machine for cash withdrawal, mobile phone top up, etc
- Quick deposit boxes, to reduce the amount of time people have to queue
- Mobile banking for example in remote parts of Scotland, there are buses that are mini banks and that serve the remote communities
