Published On: Tue, Aug 23rd, 2016

Top Packaged Bank Accounts

Are packaged accounts worth it?

Banks make money from these accounts – they want you to have them. But this doesn’t mean that they’re a waste of money for all – quite the opposite.

For those who are savvy enough to check policies and work out costs, they can SAVE you money. There’s a simple way to work it out:

If you don’t need the added extras, or can insure cheaper elsewhere, don’t bother with a packaged account.

Start by multiplying the monthly cost by 12 – for example, £25/month is £300/year – then see if you can buy the ‘freebies’ for less. If you can, either ditch and switch to a fee-free accountor shift for better value.

Packaged accounts DOs & DON’Ts

DO make sure you can’t buy cheaper

DON’T let salespeople ‘upsell’ you

DO check whether you were mis-sold

DON’T ignore joint accounts

DO check policy limits

DON’T assume they’ll improve your credit rating

DO make sure everything you need is covered

DON’T need extras? Bag £150 bonus

DO declare any pre-existing medical conditions

[Source: Moneysavingexpert]