Best bank accounts for needs 'may not be packaged'
15 March 2010 15:00:22
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| Customers should research best bank accounts. |
According to Which?, some customers have found that the benefits they thought were offered by packaged bank accounts were not in reality appropriate to their requirements.
This can particularly be the case when it comes to insurance, as some accounts offering extras such as travel insurance actually impose restrictions, such as an age limit, on the cover available.
A spokesman for Which? said "our advice to consumers is always to read these things [account terms and conditions] carefully and make sure of whatever it is you are buying and don’t just go for anything on a whim".
He also said that if customers make use of all the benefits of a packaged bank account "they wouldn't turn out to be bad value", but warned that often customers do not use all the included products and could therefore have been better off buying them separately.
The Which? comments follow the publication of the Financial Services Authority Financial Risk Outlook 2010, which found about 15% of UK adults have a packaged account and raised concerns that some customers may not fully understand all the terms of such products.
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Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.