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Should I keep my Natwest Silver Account (£10/m)??
weebit
Posts: 411 Forumite
Dilemma...
I'm looking at cutting back my spending, so obviously one thing I'm looking at is my fee-paying bank account. It used to be £8 a month, but was increased a few months ago to £10 with no extra benefits added. Of the benefits offered, I use the following:
- 5x mp3 downloads a month (I buy music regularly, so these free ones always come in handy)
- mobile phone insurance (I have a 3-year-old iPhone 4. I've not found another independent provider willing to insure a phone older than 6 months)
- LoveFilm (I use it, but if I no longer had the account, I wouldn't miss it)
- Credit Report Subscription with CCP/Experian (I use it, but if this benefit was taken away from me, I wouldn't pay separately for it. I have a noddle account also)
- European Travel Insurance (this did come in useful, but I don't intend to travel to Europe any time soon)
So in useful benefits, I'm getting:
- 5x mp3s which can be as little as 69p on Amazon/iTunes (£41.40 a year
- Phone insurance at around £60/year with other providers
totalling £101.40, and I'm paying £120 for this.
My biggest worry with this is the mobile phone insurance. I live in London where the crime rates for mobile phone theft is quite high so I mostly have the insurance for if my phone gets lost/stolen rather than damaged because the excess (£75) on a damaged phone isn't really worth it. I have several friends who have had their phones stolen and I don't want to join them.
So I'm in two minds... either
1. Cancel the account and save £10/month and risk having an uninsured iPhone.
or
2. Keep it and carry on paying £18.60 extra a year than I need to (because no one I've found insures older phones)
Thoughts?
I'm looking at cutting back my spending, so obviously one thing I'm looking at is my fee-paying bank account. It used to be £8 a month, but was increased a few months ago to £10 with no extra benefits added. Of the benefits offered, I use the following:
- 5x mp3 downloads a month (I buy music regularly, so these free ones always come in handy)
- mobile phone insurance (I have a 3-year-old iPhone 4. I've not found another independent provider willing to insure a phone older than 6 months)
- LoveFilm (I use it, but if I no longer had the account, I wouldn't miss it)
- Credit Report Subscription with CCP/Experian (I use it, but if this benefit was taken away from me, I wouldn't pay separately for it. I have a noddle account also)
- European Travel Insurance (this did come in useful, but I don't intend to travel to Europe any time soon)
So in useful benefits, I'm getting:
- 5x mp3s which can be as little as 69p on Amazon/iTunes (£41.40 a year
- Phone insurance at around £60/year with other providers
totalling £101.40, and I'm paying £120 for this.
My biggest worry with this is the mobile phone insurance. I live in London where the crime rates for mobile phone theft is quite high so I mostly have the insurance for if my phone gets lost/stolen rather than damaged because the excess (£75) on a damaged phone isn't really worth it. I have several friends who have had their phones stolen and I don't want to join them.
So I'm in two minds... either
1. Cancel the account and save £10/month and risk having an uninsured iPhone.
or
2. Keep it and carry on paying £18.60 extra a year than I need to (because no one I've found insures older phones)
Thoughts?
Aiming to pay off £50,312.94 in less than 3 years - Starting from December 2015
Current debt total: £32,756.02 (as of 1st March 2018)
Date Free Date Aim: Summer 2019 (8 extra months needed
)
Current debt total: £32,756.02 (as of 1st March 2018)
Date Free Date Aim: Summer 2019 (8 extra months needed
)0
Comments
-
why don't you get rid of it & buy phone insurance else? however it may not be that much cheaper. Ours is £18 a month for 3 phones or even see of you can add it to your household insurance.Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
-
You need to work out what it would cost to replace the phone, then balance that against the cost of the insurance, and the likelihood of it being stolen.0
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