Is It Worth Having A Packaged Current Account?
Topics: current accounts, savings accounts, saving, uk, bonds, childrens, isa, interest bearing, interest, apr, bank a
When it comes to bank accounts these days nothing is quite as straight forward as it used to be. In the past you either had a bank account or you did not and that was the end of that. However, these days there is a choice of bank accounts on offer, and your needs, circumstances, and preferences will determine what sort of account you can opt for.
Basic accounts and standard current accounts are two of the different types of bank accounts that most banks these days offer, and the third is known as a packaged current account. These current accounts do cost money each month, and the fees charged for the accounts can vary from one bank to another. In exchange for the fee that you pay for the account you receive a range of benefits or rather a package of benefits, hence the name of the account.
So, is it worth having a packaged current account as opposed to a standard current account? Well, the first thing to remember is that the packaged current account allows you to run your bank account and finances in exactly the same way as a regular current account the only difference between the two accounts is that with the packaged account you get additional benefits, and you need to determine whether you will use any or some of the benefits in order to determine whether the account is worth the monthly fee that is charged.
The benefits that are offered by each bank with the packaged account can vary slightly but by and large most offer the same types of benefits. This includes preferential borrowing rates, increased overdraft facilities, free vehicle breakdown cover, reduced interest on your overdraft, free travel insurance cover, commission free travel money, discounts at selected retailers, extended warranties, mobile phone cover, and a number of other benefits.
It is important that before you start paying for the packaged current account by upgrading from your standard account you check the benefits and work out whether you will use them and what they are worth in terms of cost. If your packaged account is costing you 20 a month, equating to 240 a year, and you can get the services that you would use for 150 a year, then there is little point going for the packaged current account. If you are unlikely to use or need most of the services then there is also no point. However, if the account fee is fairly low, such as 12 a month, and you are likely to use most or all of the benefits on offer then it may be worth opting for this type of upgraded account.
Do remember that banks will try and persuade you to upgrade, as this is what the staff is trained to do, so don’t let yourself be coerced into upgrading check the benefits and the cost and then make the decision for yourself.
Peter Kenny is a writer for The Thrifty Scot, please visit us at www.thriftyscot.co.uk and www.thriftyscot.co.uk www.thriftyscot.co.uk
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