Best Premier Current Accounts Article Discussion Area

Otto879091

Don't forget, from Nov 10th HSBC launch their new Advance account. Mob phone ins. Travel ins, and breakdown cover incl Homestart for £8.95 a month. Need to pay in £1750pm to qualify.

grumbler

Other sources seem to disagree:

HSBC’s new Advance current account, to be launched in the UK in November 2014, signals a shift away from packaged add-ons such as travel insurance towards more direct financial incentives. In June 2014, HSBC suspended sales of its pre-existing Advance account, a packaged account that offered services such as travel insurance and breakdown assistance in return for a monthly fee. This move was partly in response to the introduction of new rules governing the sale of such accounts and the rising number of consumer complaints.
The new account addresses these issues by abandoning the previous format in favor of a fee-free structure and a completely new set of benefits. Rather than offering travel insurance, breakdown cover, and other features that many consumers may not need or be eligible for, the new account focuses on more clear-cut benefits such as preferential savings rates and commission-free overseas ATM withdrawals.

http://www.datamonitorfinancial.com/hsbcs-new-advance-account-aims-for-clarity/

I am not saying that this information is 100% correct.

luv2spend

Hi. Am new to this forum and would like advice re current account with travel insurance benefit. I'm currently a Santander customer who had an historic Alliance & Leicester Premier Current account which included annual travel insurance. Santander terminated this account at the end of September 2014 and I'm now on a basic current account.

I notice that a Nationwide Flexaccount is a good option. However my concerns are that we already have a number of investment/accounts with Nationwide so am reluctant to put all my eggs in one basket.

Would it be better for me to purchase travel insurance separately?

Can anyone advise please?

TheTracker

luv2spend wrote: »

Hi. Am new to this forum and would like advice re current account with travel insurance benefit. I'm currently a Santander customer who had an historic Alliance & Leicester Premier Current account which included annual travel insurance. Santander terminated this account at the end of September 2014 and I'm now on a basic current account.

I notice that a Nationwide Flexaccount is a good option. However my concerns are that we already have a number of investment/accounts with Nationwide so am reluctant to put all my eggs in one basket.

Would it be better for me to purchase travel insurance separately?

Can anyone advise please?

How much is your quote for travel insurance? Unless you have some precondition it is usually cheap insurance. Packaged accounts sell you this at a profit, the question is whether their rate plus profit is cheaper than you can organise alone.

And most important of all: why do you think you need insurance?

grumbler

luv2spend wrote: »

I notice that a Nationwide Flexaccount is a good option. However my concerns are that we already have a number of investment/accounts with Nationwide so am reluctant to put all my eggs in one basket.

You don't need to 'invest' anything extra to take advantage of the free insurance.

luv2spend

Thanks for your replies. My husband & I usually have more than 1 holiday a year and found the added benefit of travel insurance with a current account very convenient hence my question.

Independent travel insurance quotes I've obtained so far range from £55 to £101. These are standard policies with added cruise cover.

Re our current Nationwide investments, I didn't want all our money with one provider in case they ceased trading and we would lose anything over the guaranteed/protected£85,000 per person threshold covered by the FSCS.

grumbler

luv2spend wrote: »

Re our current Nationwide investments, I didn't want all our money with one provider in case they ceased trading and we would lose anything over the guaranteed/protected£85,000 per person threshold covered by the FSCS.

OK, I'll rephrase it.
You don't need to keep even extra £1 in your Flex Account.

lean&mean

Barclays has written to me to tell me that from 6th November 2015 it will no longer be offering the 'Premier Life' account but will change it to 'Premier Current Account'. Instead of offering benefits including travel insurance, breakdown cover, lounge access and mobile and gadget cover for £17.50 a month it will offer 'Feature Store Packs' which total £25 for "similar cover and benefits". However, they aren't. Whilst Barclays' table of benefits make the new packs look better, the travel insurance differs in one important aspect: it no longer covers business travel. So, as a self-employed consultant, I'd no longer be covered and would have to take out a different policy. This makes the new account even worse value.
When I complained, Barclays offered to pay me £25 for the inconvenience.
If you're in a similar position, why not ring up and complain. At worse you might get £25, even if you don't travel for business. At best maybe Barclays will rethink its insurance cover.

Maxchaos

lean&mean wrote: »

Barclays has written to me to tell me that from 6th November 2015 it will no longer be offering the 'Premier Life' account but will change it to 'Premier Current Account'. Instead of offering benefits including travel insurance, breakdown cover, lounge access and mobile and gadget cover for £17.50 a month it will offer 'Feature Store Packs' which total £25 for "similar cover and benefits". However, they aren't. Whilst Barclays' table of benefits make the new packs look better, the travel insurance differs in one important aspect: it no longer covers business travel. So, as a self-employed consultant, I'd no longer be covered and would have to take out a different policy. This makes the new account even worse value.
When I complained, Barclays offered to pay me £25 for the inconvenience.
If you're in a similar position, why not ring up and complain. At worse you might get £25, even if you don't travel for business. At best maybe Barclays will rethink its insurance cover.

Got the letter the same day as a letter from FCA regarding some PPI Barclays had previously declined

The extra cover for Satellite/TV and PC troubleshooting is not worth £7.50 a month to me (I work in IT and seldom watch TV these days) and the Sat/TV is normally covered on home contents

I am also lead to believe premier life is still available for High Net Worth (£150k+) because I know a couple of people in this bracket.

The will writing ... as long as I update it before the deadline still OK until you want to update it (it is only a basic service after all)

But also concerned about
travel insurance (fortunately I am not traveling for business at moment)
Stockbroker quarterly charge ... I will now be charged £12+Vat / Qtr on top of the £90/yr for the increased cost because I don't trade frequently

I think I continue to use the account I will be paying the absolute minimum money in and shipping it straight into Santander 123 and review the cheapest stockbroker. Then I need to decide if to add my partner and make it a joint account if they will let me

Shame - but it is often the case that all good things come to an end (BA/Avios, Solar PV, etc etc)

Oneoftheoldies

I too am in my late 70s and for several years have had a Lloyds Bank added value (Vantage) account. My monthly fee of £17 includes the following: worldwide travel insurance, AA personal cover, incl. home start (which I've needed more than once), mobile phone cover. I've always felt this package to be good value, having calculated the cost of separate policies.

The a/c I have at present pays 1.5% interest on a balance between £3000 - £5000. This is a considerable reduction on the initial interest paid.

I am considering upgrading to their Club account in order to earn 4% interest on a balance between £4000 and £5000, fixed for the first 12 months. There are other added benefits. The account stipulates that £1,500 must be paid into the account each month. (It doesn't have to stay in there for the month!). Otherwise an extra £5 would be charged. I'm concerned that I may go to the hastle (endless questions and info to listen to!) of changing only to find that the interest is greatly reduced after a year.

I WOULD VERY MUCH APPRECIATE OTHER MEMBERS' VIEWS ON LLOYDS premier accounts before I make any changes. (NB I have some savings but am NOT well off.)