About Monthly Fee Bank Accounts

What is a Monthly Fee Bank Account?

These types of accounts are also known as ‘premium’ accounts or packaged bank accounts. They are current accounts where you pay a monthly fee in return for a variety of insurances which usually include mobile phones, travel, and car breakdown. They also entitle you to preferential rates on overdrafts, loans and other financial products.
It is estimated that one in five adults has an expensive packaged account which can cost up to £25 per month. However, a report by the financial regulator estimated a third of these account holders have not used the benefits and many were unable to claim when they needed to. For example, pensioners are often not covered by the travel insurance policy because of their age and/or medical conditions, and householders without a car have been paying for a useless breakdown policy.*
Source: Daily Telegraph 28/01/14

Examples of Monthly Fee Bank Accounts

Barclays Bank
Barclays Additions
Barclays Current Account Plus
Barclays Tech Pack
Barclays Travel Pack/Travel Pack Plus
Barclays Premier
Barclays NatWest Vantage
Co-operative Bank
Privilege Current Account
Privilege Premier Current Account
Halifax
Halifax Ultimate Reward Current Account
HSBC
HSBC Passport
HSBC Bank Account Pay Monthly
HSBC Premier Account
Lloyds TSB
Lloyds TSB Select Account
Lloyds TSB Silver Account
Lloyds TSB Gold Account
Lloyds TSB Platinum Account
Lloyds TSB Premier Account
Natwest
NatWest Select Silver Account
NatWest Select Platinum
NatWest Advantage Gold
NatWest Black Account
RBS (Royal Bank of Scotland)
RBS Select Silver Account
RBS Select Platinum Account
RBS Royalties Gold
RBS Black Account
RBS uFirst
Yorkshire Bank/Clydesdale Bank
Yorkshire Bank Signature Current Account

How have Monthly Fee Bank Accounts been mis-sold?

  1. In many cases customers took these accounts without realising they would not be able to use them due to hidden catches in the terms and conditions.
  2. Many branch staff were paid incentives to sell these accounts and did not take customers’ needs into consideration.
  3. The accounts were not properly explained and bank staff did not check whether the customer qualified for the benefits.
  4. Customers were often led to believe there was no alternative “free” account or were upgraded without their knowledge or consent.
  5. Some customers felt they were misled into thinking they had to take the account in order to get a loan, credit card or overdraft agreed.
  6. Others have found out later to their cost that they were required to ‘register’ products (such as mobile phones) for them to be covered by the insurance – this was overlooked when they were sold the account.
  7. Some customers even asked to downgrade the account and were told they could not.

How to claim

Simply fill in your details today and one of our specialist advisors will get in touch to discuss whether you may have a claim for a mis-sold packaged bank account.

How much will this service cost me?

We operate on a No Win, No Fee* basis and will only take a percentage of any compensation awarded. The fee that we take is 35% plus VAT at the prevailing rate.

Will this claim affect my relationship with my bank?

No, the Financial Conduct Authority (FCA) does not allow any company or financial institution to disadvantage a customer because they've made a complaint. However if your claim is successful your account will be returned to a non fee paying account and any benefits cancelled. You should ensure that if you require any of the benefits you make alternative arrangements, eg. If you have booked a holiday you may need to take out travel insurance.

What information do I need to provide you with?

All we need from you are the key details that the advisor asks. There are no right or wrong answers, but every bit of information you give us, however small, may assist us to achieve the best outcome for you. Once we initiate your complaint we can obtain any further information we may need to build the strongest case to maximise your refund.

If I can do this myself why would I use Premier Financial?

Premier Financial:

  1.  saves you the time, effort and stress of dealing with the complaint alone.
  2.  has been dealing with financial claims for over 6 years.
  3.  has the experience to pin point all the reasons for a mis-sold monthly fee bank account
  4.  will endeavour to make sure that the company you're claiming against follows the FCA guidelines and time limits within the industry.

Can I claim back my packaged bank account charges if I am in a debt management plan or an IVA?
If you have an IVA or debt management plan, you should speak to your plan administrator. Unfortunately Premier Financial will be unable to assist you.

What else do I need to know?
It is your right, and we strongly advise you, to seek further advice and shop around before entering into a contract with Premier Financial. Once you’ve returned our documentation you will be bound by our Terms Of Engagement.

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Monthly Fee Bank Accounts

One in five adults have a Monthly Fee Bank Account however, many have not used the benefits and many were unable to claim when they needed to.

Mis-sold Investments

Have you lost money after you have made an investment through your bank or Financial Advisor?
You could be entitled to compensation!

Mis-sold Pension Transfers

Were you actively recommended to transfer away from your company scheme despite it not being in your best interests to do so?

Mis-sold Endowments

Your Endowment may have been mis-sold if the investments which are linked to the policy will not pay off the mortgage at the end of its term.

Document Downloads

We have provided links to some documents you may need to help us progress your claim.

Refer a Friend

You could earn up to £500 with the Premier Financial referral scheme!

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