Private banking/Premier accounts etc

nobblyned

Anyone actually found one of these to be worthwhile? Or are they all just to lure you into their grasp so they can charge you fees for all sorts of money management activities?

innovate

Simple decision - - if you value what you pay for, go for it. If you don't value it, don't.

Personally, I found the Nationwide Flexaccount great because it gives me goodies such as free european travel insurance - - but the account comes free of charge, anyway. I have a number of other accounts that give me something that I value, all of them are free. Then there's Santander 123 which costs £2/mth, but it makes me at least a tenner net each month, so that's value to me.

I haven't yet seen the value to myself of accounts that give me car recovery services, mobile phone insurance, airport lounge membership, somebody who books me a table or a holiday - - - most of these things I much prefer to do myself, or I get them a lot cheaper directly from whoever provides the services, without the uplift the banks have to add. I usually also get a cashback discount through Quidco or Topcashback.

Other people's mileage may vary

System

It depends if they charge you..!

Some of the banks offer a premier type account if you meet the criteria without charge. Take the free overdraft etc.

But I would say think twice if there is charge related to the 'Premier/Private' service. The products on offer and sold via this channel are often beaten by a quick search on the web.

Also, remember loyalty means nothing with Bank and they will spit you right back to normal banking if you retire or not have the same funding as before.

Buzby

I had such an account for 20 years, had free banking for 5 - paid £5pm for the next 5, then £10pm for the last 10. I bailed out when they announced it was to rise to £15pm (having been taken over initially by Abbey, then Santander).

The benefits were limited to 5 star customer service, and a human at the end of the phone with no annoying menu trees to work through. Which was worthwhile. Now, I enjoy free banking - and don't phone them!

InsideInsurance

If you use what they provide then it certainly can be worth while, particularly if you qualify for reduced priced or free services.

Obviously the counter balance of being flagged as a better off customer is that you can expect more sales plus many of the free included products/ services often are supplied by third parties that try to upsell you to a higher level of cover etc