Packaged Bank Account

todayisagreatday

I have a packaged bank account which I'm happy with. The perks are significant enough for us that it's worth the monthly fee and we have already used a few of the perks (mobile phone insurance just recently). We have had it a few months now. Each month you get money back (for spending in certain places, having direct debits etc which offsets some of the fee) and I have noticed this amount is building up nicely which you can redeem for gift cards or back into the account/PayPal. 

What I can't seem to see is that we are actually being charged a monthly fee for it. It's not on the statement, it's not in the standing orders, it's not in direct debit or showing anywhere on the outgoing transactions unless I'm completely missing it and it just doesn't show up on the mobile banking site/app. 

This means in essence unless I have missed it they are paying me for having the packaged bank account at the moment.

Anyone who has a packaged bank account, can you confirm how the fee is taken out so I can check if something is amiss? Thanks 

WillPS

Who's the packaged account with?

Our Nationwide FlexPlus goes on the last working day of each month and is described as a "Monthly Account Fee". Prior to that we held a Halifax Ultimate Reward account (£1 cheaper but inferior breakdown cover), that one charged an "ACCOUNT FEE" of £17 on the second working day followed by a "REWARD EXTRA" credit of £5 around the 13th (for fulfilling the reward criteria).

It's possible, although not especially likely nowadays, that your packaged bank account fee is being waived for some reason. Lloyds used to do this for certain preferred customers but I think that all finished a couple of years ago.

todayisagreatday

Thanks, I can't see anything described as monthly account fee. It's very odd as we moved to them with a switching service, got the bonus and then upgraded to a packaged account after one month. Perhaps they decided to give it us for free as new customers (we had quite a bit of money in the account when switching before shifting it out recently to NS&I). 

PRAISETHESUN

Which bank? And how recently was the account opened? It could be you are in some sort of honeymoon period where they don't charge fees for the first month or two or something.

Rob5342

When I was with Santander it showed up after that months cashback had been credited.

todayisagreatday

PRAISETHESUN said:

Which bank? And how recently was the account opened? It could be you are in some sort of honeymoon period where they don't charge fees for the first month or two or something.

It's NatWest. Yes you may be right. We have had the package account about 2 months maximum.

kaMelo

Look in your transactions list for something like this:

   "Some Date  A/C  12345678"   -£10.00

The date listed as a transaction should (I think) be monthversary of opening the account. Note this date is listed in the transaction data, not the transaction date.
The A/C I assume is Account Charge
The number shown will be the account number of the packaged bank account (not 12345678)
The amount deducted will be whatever the fee is for your account

PRAISETHESUN

todayisagreatday said:

PRAISETHESUN said:

Which bank? And how recently was the account opened? It could be you are in some sort of honeymoon period where they don't charge fees for the first month or two or something.

It's NatWest. Yes you may be right. We have had the package account about 2 months maximum.

Not sure if it's the same for all NatWest/RBS accounts, but my NatWest/RBS reward accounts have the monthly fee taken on different days each month. One is usually around 2nd Monday of each month and the rest are around the 3rd Monday of each month - I think it might have something to do with the date the account was originally opened. Either way, I'd just keep an eye on it and expect to get charged eventually.