my daughter has just opened a current account paying in on average £1100 per month the account pays 8% but there is a £12.95 mly charge, is it worth it?

The 8% interest is only paid on balances up to £1000 so, over a year, the maximum interest that could be earned is £80. For this, she will have paid £155.40 in monthly fees. After the first £1000, the interest earned goes down to 2.5% which is good for a current account but you would have to put a lot in to cover the fees. It doesn't sound such a great deal to me.

The only possible benefit that I can see in such an account is the bragging rights of being able to tell people that you get paid 8% interest on your current account.

Included with the account you do get travel insurance and can qualify for preferential mortgage rates. You need to look at the overall package and see if you will make the most of the other extras.

thank you for your comments, she has 14 days to change her mind so ill take her back to hsbc and get them to change

to a base current account