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    • michaels
    • By michaels 19th Dec 12, 5:37 PM
    • 17,874 Posts
    • 81,604 Thanks
    michaels
    • #2
    • 19th Dec 12, 5:37 PM
    • #2
    • 19th Dec 12, 5:37 PM
    Darn - more money I can't claim back cos I have never been foolish enough to see any value in this type of account
    Cool heads and compromise
    • Mobeer
    • By Mobeer 19th Dec 12, 9:46 PM
    • 1,513 Posts
    • 4,265 Thanks
    Mobeer
    • #3
    • 19th Dec 12, 9:46 PM
    • #3
    • 19th Dec 12, 9:46 PM
    Darn - more money I can't claim back cos I have never been foolish enough to see any value in this type of account
    Originally posted by michaels
    These sort of accounts can be good value if you can take advantage of all the offers - don't just write them off because they have a fee.
  • innovate
    • #4
    • 19th Dec 12, 9:56 PM
    • #4
    • 19th Dec 12, 9:56 PM
    My heart bleeds.
    • Freebyman
    • By Freebyman 19th Dec 12, 10:38 PM
    • 543 Posts
    • 109 Thanks
    Freebyman
    • #5
    • 19th Dec 12, 10:38 PM
    • #5
    • 19th Dec 12, 10:38 PM
    Can imagine someone now already thinking of a way to get more money out of people by doing "package saving account misselling" adverts?

    PPI all over again.
    Old Faithful we roam the range together,
    Old Faithful in any kind of weather,
    When the round up days are over,
    And the Boulevardís white with clover,
    For you old faithful pal of mine.
  • thatsean
    • #6
    • 19th Dec 12, 10:46 PM
    • #6
    • 19th Dec 12, 10:46 PM
    These sort of accounts can be good value if you can take advantage of all the offers - don't just write them off because they have a fee.
    Originally posted by Mobeer
    I agree - I had a Santander one for a while, and at the time it suited my circumstances. I travelled a lot with work, owned an expensive phone and paid CPP and Equifax separately for card cover/credit file services.

    I closed it when I quit work to go back to uni, but for me their premium account was well worth the 20 quid a month it cost me.
  • thatsean
    • #7
    • 19th Dec 12, 10:47 PM
    • #7
    • 19th Dec 12, 10:47 PM
    Can imagine someone now already thinking of a way to get more money out of people by doing "package saving account misselling" adverts?

    PPI all over again.
    Originally posted by Freebyman
    Yep. You KNOW it's coming! "Were you missold something that you signed to agree to 8 times on the same document?" Yes?, well for only 28%+VAT we'll persue this for you...."
    • waqasahmed
    • By waqasahmed 20th Dec 12, 12:17 AM
    • 997 Posts
    • 274 Thanks
    waqasahmed
    • #8
    • 20th Dec 12, 12:17 AM
    • #8
    • 20th Dec 12, 12:17 AM
    These sort of accounts can be good value if you can take advantage of all the offers - don't just write them off because they have a fee.
    Originally posted by Mobeer
    This. My parents pay for the Halifax Ultimate Reward package deal, and we just wanted it for home emergency cover tbh, where we paid £15/month to Swinton, but just £10 to Halifax and we get all the other perks that come with it.

    It's not been mis-sold to us. It's a product that my parents actively chose. Im just glad that they're with Halifax, because my Mum's not all that good with money and my dad has no clue about what such a thing as a CCJ is, or that using credit cards aren't going to send me in to tonnes of debt
    • DaveW007
    • By DaveW007 20th Dec 12, 8:46 AM
    • 363 Posts
    • 1,376 Thanks
    DaveW007
    • #9
    • 20th Dec 12, 8:46 AM
    • #9
    • 20th Dec 12, 8:46 AM
    I used to work for Lloyds TSB in one of their telephone contact centres. All staff were put under tremendous pressure to sell these packaged accounts. I even knew of advisers who would "upgrade" customers accounts without their knowledge just so they would get a sale.

    If you didn't hit your targets you would be dismissed from the company. It was a real meat market with a very high staff turnaround.

    I only worked for them for around 4 months as this was around the time when Lloyds were making loads of staff redundant. 250 of us were made redundant from the contact centre one day without any prior knowledge.
    Wins - 2012: Essential Elvis Subscription, 25 x 4 litre bags of Sophisticat Aloe Vera Cat Litter, Doro PhoneEasy 410gsm, Staples Eco-Bag, 120ml of Zoflora disinfectant

    2013: 2 x tickets to see Donny & Marie Osmond in Cardiff, The New Recruit by Andy McNab, The Cat magazine (Spring edition), Philips Colours Factory Head Light Bar
  • BugsyBrowne
    At the end of the day however way you look at it you'll get the same cover as a packaged account 50% cheaper if you done it individually the reason people go for these packaged accounts is because £15 or £20 a month sounds cheaper a month then £200+ a year if paid annually.

    Worldwide travel is now cheap as chips along with cashback and roadside assistant and for the other jargon that's put there is as worthless as a plastic pound coin.
    • biglugs
    • By biglugs 20th Dec 12, 9:14 AM
    • 2,836 Posts
    • 894 Thanks
    biglugs
    As with all financial products you really should read about what you are buying and understand what you are getting for your money.

    If you do this you will find that for SOME people a packaged account will be good value, for others it won't. YOU need to decide if you will actually use the added benefits or not, and if you will does the account provide better or worse value.

    The problem we seem to have these days is that no-one appears willing to take responsibility for their own decisions, in the belief that if THEY screw up, they can blame someone else and claim their compensation.
    You don't get medals for sitting in the trenches.
    • biglugs
    • By biglugs 20th Dec 12, 9:15 AM
    • 2,836 Posts
    • 894 Thanks
    biglugs
    At the end of the day however way you look at it you'll get the same cover as a packaged account 50% cheaper if you done it individually the reason people go for these packaged accounts is because £15 or £20 a month sounds cheaper a month then £200+ a year if paid annually.

    Worldwide travel is now cheap as chips along with cashback and roadside assistant and for the other jargon that's put there is as worthless as a plastic pound coin.
    Originally posted by BugsyBrowne
    Worldwide travel is cheap as chips for some people. My mother-in-law has a Nationwide packaged account that she swears by because they are willing to give someone her age travel insurance which is very difficult for her to get on the open market.
    You don't get medals for sitting in the trenches.
  • pqrdef
    These sort of accounts can be good value if you can take advantage of all the offers
    Originally posted by Mobeer
    They're only good value compared with paying ludicrously inflated prices somewhere else. That's the swindle.

    Why do you reckon card protection insurance is so cheap through a bank package compared with buying direct? It's not because the bank is giving anything away. It's because the true cost is only a few quid a year.
    • waqasahmed
    • By waqasahmed 20th Dec 12, 9:24 AM
    • 997 Posts
    • 274 Thanks
    waqasahmed
    At the end of the day however way you look at it you'll get the same cover as a packaged account 50% cheaper if you done it individually the reason people go for these packaged accounts is because £15 or £20 a month sounds cheaper a month then £200+ a year if paid annually.

    Worldwide travel is now cheap as chips along with cashback and roadside assistant and for the other jargon that's put there is as worthless as a plastic pound coin.
    Originally posted by BugsyBrowne
    This is not true. Home emergency cover alone cost about £15/month for us originally.

    Using the calculator here, it works out:
    http://www.moneysavingexpert.com/banking/best-fee-charging-current-accounts

    With my own account, I pay for breakdown cover separately but if I needed home emergency cover, I'd consider buying a packaged deal instead
    • DaveW007
    • By DaveW007 20th Dec 12, 9:35 AM
    • 363 Posts
    • 1,376 Thanks
    DaveW007
    As with all financial products you really should read about what you are buying and understand what you are getting for your money.
    Originally posted by biglugs
    At Lloyds we were told to advise customers that the particular account was on an introductory offer for that day only. If they take it then that will be the price they pay. If they don't take it that day then the price will rise and they may also loose some of the benefits!

    None of this was true though as there were no introductory offers nor would they have lost any of the so called benefits if they didn't take it that day.

    We (Lloyds staff) were under pressure to sell and we also put customers under pressure to buy from us whether they wanted it or not.

    A favourite was a customer saying they were going away on holiday. We had to ask if they had a credit card to take. If the answer was no they we HAD to sell then Lloyds credit card. Benefits being "free" travel insurance etc etc.
    Wins - 2012: Essential Elvis Subscription, 25 x 4 litre bags of Sophisticat Aloe Vera Cat Litter, Doro PhoneEasy 410gsm, Staples Eco-Bag, 120ml of Zoflora disinfectant

    2013: 2 x tickets to see Donny & Marie Osmond in Cardiff, The New Recruit by Andy McNab, The Cat magazine (Spring edition), Philips Colours Factory Head Light Bar
  • BugsyBrowne
    This is not true. Home emergency cover alone cost about £15/month for us originally.

    Using the calculator here, it works out:
    http://www.moneysavingexpert.com/banking/best-fee-charging-current-accounts

    With my own account, I pay for breakdown cover separately but if I needed home emergency cover, I'd consider buying a packaged deal instead
    Originally posted by waqasahmed
    You'll need to read the t&cs on home emergency cover first before praising it up as I know of two people who also have this where what they thought was covered wasn't actually covered and they ended up paying out shed loads.
  • thatsean
    At the end of the day however way you look at it you'll get the same cover as a packaged account 50% cheaper if you done it individually the reason people go for these packaged accounts is because £15 or £20 a month sounds cheaper a month then £200+ a year if paid annually.

    Worldwide travel is now cheap as chips along with cashback and roadside assistant and for the other jargon that's put there is as worthless as a plastic pound coin.
    Originally posted by BugsyBrowne
    Whilst you've a valid point on travel - especially for under 65s with no health issues, if you can use the accounts' features I still think that they can be good value for money.

    Of course the banks and the service providers are making a big profit, but if they price you are paying to the bank is less than the price you'd get it retail - then I still say that these accounts can be good value.

    Of course, as an earlier poster states, this requires that people accept responsibility for what they bought and why.

    I wonder how many people got a Lloyds Platinum or Black account just for the debit card?
    • phoebe1989seb
    • By phoebe1989seb 20th Dec 12, 3:19 PM
    • 2,846 Posts
    • 5,977 Thanks
    phoebe1989seb
    Been there and got the t-shirt.......reclaimed a few hundred £££ of LTSB Platinum account fees last year
    Paid off mortgage early - mortgage-free since age 40 (2007)

    Over £40,000 mis-sold PPI reclaimed
    • Mobeer
    • By Mobeer 20th Dec 12, 6:47 PM
    • 1,513 Posts
    • 4,265 Thanks
    Mobeer
    They're only good value compared with paying ludicrously inflated prices somewhere else. That's the swindle.

    Why do you reckon card protection insurance is so cheap through a bank package compared with buying direct? It's not because the bank is giving anything away. It's because the true cost is only a few quid a year.
    Originally posted by pqrdef
    Travel insurance is a big benefit with some accounts. 2 adults annual cover when aged 70+ can easily be £120 each even in good health, which if would be equivalent alone to £20/month fee on a shared account that includes travel insurance.
  • innovate
    The fact remains that the bank are not giving anything away. They are making money from these packaged current accounts, and probably a lot more than the fee they charge the account holders. If they weren't making a profit from them, they wouldn't offer them.

    Also, as has been mentioned before, travel insurance doesn't equal travel insurance - i.e. there is a vast array of different T&Cs. Simialr for any other benefits offered.
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