Posted 21 Dec 2016

Estimates suggest that one in five are paying a monthly or annual fee for their bank account. Known as Packaged Bank Accounts, they offer a range of benefits which may include:

• Travel insurance
• Use of airport lounges
• Mobile phone insurance
• Breakdown cover
• Preferential rates on overdrafts or loans

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Posted 09 Dec 2016

The benefits offered through Packaged Bank Accounts can cover a wide variety of added extras. From travel insurance to breakdown cover the accounts can provide these bonuses for a monthly fee. However, while you may feel safe in the knowledge that your phone is covered if you accidentally drop it, the reality could leave you stuck with a shattered screen.

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Posted 05 Dec 2016

Mortgages are confusing enough, with lengthy and jargon-filled bank meetings that do little more than bamboozle you. Without the right experience or knowledge you are, unfortunately, completely at the behest of a mortgage provider. They may mean well, when they attempt to sell you a packaged (or fee payable) bank account alongside it, but with the associated perks, whether you actually need any of these is doubtful. 

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Posted 02 Dec 2016

Those who require personal loans from a bank may already be in a relatively vulnerable situation and banks are often in a position to push unwanted or unnecessary products, services and accounts on to a customer. Though in many cases these may genuinely sweeten the deal - offering convenient features and useful perks - this will often be presumed, rather than recommended due to a customer's needs or preferences.

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Posted 28 Nov 2016

The repercussions of Packaged Bank Account mis-selling is still well underway. The financial Ombudsman has reported that throughout 2015 it received on average 1,000 new claims every week. The complaints haven’t slowed down yet as the banks are forced to compensate their customers. While more and more disgruntled Packaged Bank Account holders are looking to get their money back, the banks have had to start setting aside compensation, just like the PPI scandal.

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Posted 22 Nov 2016

Packaged Bank Accounts have given consumers a range of benefits spanning from insurances and breakdown cover to the use of airport lounges and various discounts. These accounts usually cost consumers anywhere between £5 and £25 pounds a month and can be spotted by titles such as gold, premium, upgraded and reward. While Packaged Bank Accounts can potentially be a good deal, potentially saving you time and money, they’re not always the best value.

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Posted 26 Sep 2016

Making any claim, whether it’s successful or not, won’t affect your existing relationship with the bank.

All banks operate under the ‘Treating Customers Fairly’ principle which is part of the regulatory frame set by the Financial Conduct Authority. This means that banks legally have to make sure “consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.” 

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Posted 26 Sep 2016

Certain banks have been mis-selling their Packaged Bank Accounts and since thiscame to light back in 2012, the Financial Ombudsman Service has dealt with tens of thousands of complaints. Despite so many people already claiming compensation for their Packaged Bank Account, there are still many who could potentially have a claim but don’t realise that they’ve been mis-sold to. 

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Posted 29 Jul 2016

Brexit became a reality on the 24th of June as the UK woke up to a Britain that had officially voted to leave the European Union. The decision led to a significant drop in the value of the pound while uncertainty saw the value of stocks and shares in the FTSE 100 and 250 plummet. 

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