Where do we start?
Packaged bank accounts and value added accounts come with all sorts of names but in principal offer a deal to account holders for a monthly fee, the norm is to package mobile phone insurance, travel insurance, breakdown cover and charge a monthly fee for the extras. So what names do these accounts go under? There are literally hundreds so lets start with just a sample from the main high street providers.
RBS Royalties gold account £12.95pm
Lloyds Premier Current account £25pm
Natwest Advantage Gold £12.95pm
Halifax Ultimate reward current account £12.50pm
Santander Premium current account £20pm
Barclays Additions active £15pm
How do you decide what is right for you? The big thing with packaged bank accounts and added value accounts is to firstly figure out what you need and then establish the level of cover that is offered through the relevant account type. Just to make it more complicated each bank listed above has a variety of fee based accounts.
Checking cover is extremely important, what you don’t want is to cancel your mobile phone or breakdown cover to find that you cant make a claim when you need it. On the otherside of packaged bank accounts you may find that paying no interest on your packaged account overdraft is a real benefit!
Typical products on offer within packaged bank accounts: –
- Mobile phone insurance, including iPhones
- Car breakdown cover for on the road or your driveway
- Annual worldwide multi-trip travel insurance – may include winter sportsand may not
- Home emergency cover with a 24 hour helpline for assistance
- Dine out at over 700 UK restaurants for 25% less
- 10% off selected holidays and flights
- Save up to 60% at over 21,000 hotels
- Complimentary access to UK airport lounges
- 25% cash-back on top gigs and live shows
- 10% off home and car insurance
- Extended warranty cover on domestic electrical goods
- Tailored rates on your credit card, personal loans (except online loans) and mortgages
- Interest free or reduced interest overdrafts
- Discounts on loan interest rates
- Discounts on credit card interest rates
- Shopping discounts
- Airmiles / other points schemes
- Cashback incentives
- Free ATM use abroad
As you can see the list feels endless and can either offer very good or very bad value for money. The message is to check what you want out of an account. You can also claim back your fees at http://bankaccountability.co.uk and your PPI claims at Claims Winner PPI Claims