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Bank Claims: UK Consumers should consider packaged accounts

Britons should carefully consider the merits of packaged accounts before applying for them, an expert has claimed.

Packaged or bundled accounts charge consumers a monthly fee of around £15 in exchange for a range of benefits and services.

Customers are offered travel insurance, car breakdown cover, identity theft assistance and preferential interest rates on credit balances and overdrafts as part of their account.

David Black, banking specialist at Defaqto, claimed that consumers should ensure they can not get the same services for a lower price as a standalone product.

He said: "You need to look at the benefits and work out which ones you need, and whether you will use the incentives and the details of them that suit you, as well as whether you would be best to buy them independently elsewhere."

Recent statistics from Defaqto showed that the number of packaged accounts has risen considerably over the last four years, with 64 now available on the marketplace.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800003956-ADNFCR

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