Current account bonuses - for joint accounts?

blizeH

Hi,

Just adding everything up now and I'm considering paying for a £12.95 current account:

Mobile insurance - £40 (I don't have mobile insurance, but probably should)
Breakdown cover - £120 (for two people)
Travel insurance - £40 (for two people)

I'm tempted to open a new account with a bank, a joint account for my girlfriend and I so we get these benefits, would banks object to that? Neither of us would use it as our main account but can transfer money to/from it if necessary...

Any opinions please? I've always been warned against these accounts but they seem to be surprisingly good value. Thank you

blizeH

The first direct one is quite tempting, hmm: http://www2.firstdirect.com/1/2/banking/first-directory?WT.ac=FSDT_CTA_BA_FDI1339

thenudeone

You need to check what cover you actually need and how much you would expect to pay for it.

For example - does the breakdown cover include full recovery, at home, european cover, replacement car hire and so on?

You may well be able to get separate insurance covers that better meet your needs for the same or lower price by shopping around, but you might not.

Bufger

Mobile insurance is worthless. It doesnt cover for the most common of damages so unless you get your phones stolen alot then its not worth it.

Breakdown cover is becoming increasingly common with car insurance policies as an additional incentive so you'll find this is the cheapest route to get it.

Holiday insurance is very cheap anyway. £40 would be an expensive policy for your average healthy 20-30 year olds.

Personally i'd look around for these incentives seperately and see what the cost comes in at.

MoneySaverLog

Mobile cover is useless, limited cover, probably covered under household insurance anyway.

Breakdown cover will be the minimum, unless you upgrade to a higher level AVA at extra cost. Can get this cheaper at £29 for the year, get it to cover the vehicle any driver if you share the same car.

£40 for travel insurance for two, check where it covers you and the benefits to ensure it's enough cover.

blizeH

Ah, brilliant thank you guys - will avoid then! I called my home insurance company and I'm insured up to £250 on my phone (I can pay £30p/a to get that bumped to £500, but I won't do that until I get an iPhone 5, if at all!) - I'm already locked into breakdown cover (AA homestart plus national recovery) and like you said, I can get Travel Insurance for a reasonable amount anyhow

Thanks again!

hollie.weimeraner

Bufger wrote: »

Mobile insurance is worthless. It doesnt cover for the most common of damages so unless you get your phones stolen alot then its not worth it.

Was this quote based on experience or just a throw away comment?

I bank with the Co-Op which provides various benefits with the account including Worldwide Travel Insurance and Mobile phone insurance for up to 4 phones for members of immediate family. My son took delivery of a Samsung S3 phone in June and 2 weeks later promptly dropped it smashing the screen and damaging the bezel around the screen. The claims process was easy and the insurers accepted the claim and returned the repaired phone in a total of 10 days.

I can't comment on other banks phone insurance but the Co-Op have been great.

Bufger

hollie.weimeraner wrote: »

Was this quote based on experience or just a throw away comment?

I bank with the Co-Op which provides various benefits with the account including Worldwide Travel Insurance and Mobile phone insurance for up to 4 phones for members of immediate family. My son took delivery of a Samsung S3 phone in June and 2 weeks later promptly dropped it smashing the screen and damaging the bezel around the screen. The claims process was easy and the insurers accepted the claim and returned the repaired phone in a total of 10 days.

I can't comment on other banks phone insurance but the Co-Op have been great.

Its based on personal experience and the experience friends and colleagues have had over the years. You're better off claiming on the house insurance if you have a very expensive handset or just writing it off if its less expensive.

I had insurance with a phone provider that failed to pay out on a claim due to water damage (I only dropped it in a puddle but it was enough..). They didnt pay out on the basis that its common for people to give their phone a bath if they dont like their handset and want to change so water damage cover was at a premium I didnt have in my basic cover.

SuperHan

My Halifax Ultimate Reward Joint account costs us £10 per month (provided you pay £1,000 in to the account every month) and offers me Homestart AA cover with the options to upgrade the cover for both named on the account, mobile phone insurance for 2 phones including all accidental and water damage, travel insurance and card insurance. I don't think I'd be able to get this cover elsewhere for the same amount - I know I was paying nearly that much just for my own personal AA cover...

So I'd recommend that account, but like I say, £1,000 needs to pass through the account every month or the charge is £15.