Best Premier / Rewards Bank Accounts
Discussion
So I am growing tired of paying £15 a month for my Halifax Ultimate Reward account and wondering what the best current account is for me at the moment.
I only have it for phone insurance, but with a 100 quid excess I am not sure that is good value for £15 a month..I have a new motorbike so it comes with honda breakdown anyway, i get travel insurance with work so not sure why I have kept it.
Are there any premier or decent bank accounts with other banks I should consider?
I only have it for phone insurance, but with a 100 quid excess I am not sure that is good value for £15 a month..I have a new motorbike so it comes with honda breakdown anyway, i get travel insurance with work so not sure why I have kept it.
Are there any premier or decent bank accounts with other banks I should consider?
Why have a 'premier' bank account when you arn't going to use the products? I think most highstreet banks offer similar products. Change banks and cash in on that, then proceed to save your £15/m.
I have a nationwide flex plus, the interest i receive on the balance means it only costs me ~£6.50 a month, for the same products you're receiving, although £50 excess for iphones and £25 for everything else (just changed to a joint account which means my missus receives these benefits for no extra cost). That said, i don't use this as my 'main' account! Flex plus also covers commission free cash withdrawals worldwide, this makes it loads easier than having to exchange cash/cash travel money and the exchange rate (visa exchange rate) is better than the cheapest travel money places anyway!
I have a nationwide flex plus, the interest i receive on the balance means it only costs me ~£6.50 a month, for the same products you're receiving, although £50 excess for iphones and £25 for everything else (just changed to a joint account which means my missus receives these benefits for no extra cost). That said, i don't use this as my 'main' account! Flex plus also covers commission free cash withdrawals worldwide, this makes it loads easier than having to exchange cash/cash travel money and the exchange rate (visa exchange rate) is better than the cheapest travel money places anyway!
Edited by orangesrule on Friday 7th June 19:49
If you dont use the products or they are not suitable then downgrade the account. Simple as that.
I have Lloyds premier for many years, I do use the AA cover and travel insurance, both very good and automatically renew, saves me the hassle and for the cost of the account, much cheaper than I can get them for. Also in the deal is phone insurance, but never used that.....probably over insured as phone covered on house insurance.
I have Lloyds premier for many years, I do use the AA cover and travel insurance, both very good and automatically renew, saves me the hassle and for the cost of the account, much cheaper than I can get them for. Also in the deal is phone insurance, but never used that.....probably over insured as phone covered on house insurance.
supercommuter said:
So I am growing tired of paying £15 a month for my Halifax Ultimate Reward account and wondering what the best current account is for me at the moment.
I only have it for phone insurance, but with a 100 quid excess I am not sure that is good value for £15 a month..I have a new motorbike so it comes with honda breakdown anyway, i get travel insurance with work so not sure why I have kept it.
Are there any premier or decent bank accounts with other banks I should consider?
In some ways the premier accounts are bit of a con. Tell people they can only have one if they earn over a certain amount, then tell people they are privileged to have been selected to pay money to the bank for services they probably don't need!I only have it for phone insurance, but with a 100 quid excess I am not sure that is good value for £15 a month..I have a new motorbike so it comes with honda breakdown anyway, i get travel insurance with work so not sure why I have kept it.
Are there any premier or decent bank accounts with other banks I should consider?
If you get the benefits elsewhere & have simple banking need get a basic standard account.
orangesrule said:
<snip>
I have a nationwide flex plus, the interest i receive on the balance means it only costs me ~£6.50 a month, for the same products you're receiving, although £50 excess for iphones and £25 for everything else (just changed to a joint account which means my missus receives these benefits for no extra cost). That said, i don't use this as my 'main' account!
I do the same. Nationwide Flex Plus covers all the phones in our household, plus gives good travel cover for the family and provides breakdown cover for our cars.I have a nationwide flex plus, the interest i receive on the balance means it only costs me ~£6.50 a month, for the same products you're receiving, although £50 excess for iphones and £25 for everything else (just changed to a joint account which means my missus receives these benefits for no extra cost). That said, i don't use this as my 'main' account!
Like you, I only use it for the benefits; all of our 'proper' personal banking is with First Direct.
You do have to work out the cost and what you use of the benefits, if you use most or all of the benefits there can be a cost saving. I probably save about £75 and the hassle of arranging cover each year. Plus a few other small benefits like foreign exchange fees etc.
From the banks perspective, Premier account sales are in danger of going the way of PPI with millions of people being sold products they never use. Hence recently you get asked more questions on suitability from the bank and its all more clear what you are getting for your money.
From the banks perspective, Premier account sales are in danger of going the way of PPI with millions of people being sold products they never use. Hence recently you get asked more questions on suitability from the bank and its all more clear what you are getting for your money.
Good points, i think i have just kept it for my phone insurance and just in case i break down in my wifes car...which is unlikely.
I think i want phone insurance and breakdown cover for the car - will take a look around to see what the totaled cost of those benefits are and go from there!
Without giving it stacks; i suspect I earn enough for most 'premier accounts' (not private banking premier, but high street bank i suspect) but as a poster above said it seems funny to qualify for them and feel exclusive to then have to pay for them anyway
I think i want phone insurance and breakdown cover for the car - will take a look around to see what the totaled cost of those benefits are and go from there!
Without giving it stacks; i suspect I earn enough for most 'premier accounts' (not private banking premier, but high street bank i suspect) but as a poster above said it seems funny to qualify for them and feel exclusive to then have to pay for them anyway
They are not 'premier' accounts but 'packaged' accounts. The days of anyone in a shop getting moist when they see a gold card, Amex black, whatever are long gone so if you don't use the extras, downgrade to another account or switch away.
If you want a comparison of packaged bank accounts then this is a good place to start: https://www.moneysavingexpert.com/banking/best-pac...
If you want a comparison of packaged bank accounts then this is a good place to start: https://www.moneysavingexpert.com/banking/best-pac...
The other issue with the premier accounts is whether those benefits are actually decent quality.
G/f has one of those kind of accounts, which included travel insurance. She got run over by a car in Thailand, and the Natwest travel insurance refused to pay the hospital bill - the hospital told her that they are one of the worst travel insurers for paying.
G/f has one of those kind of accounts, which included travel insurance. She got run over by a car in Thailand, and the Natwest travel insurance refused to pay the hospital bill - the hospital told her that they are one of the worst travel insurers for paying.
davek_964 said:
The other issue with the premier accounts is whether those benefits are actually decent quality.
G/f has one of those kind of accounts, which included travel insurance. She got run over by a car in Thailand, and the Natwest travel insurance refused to pay the hospital bill - the hospital told her that they are one of the worst travel insurers for paying.
On what basis did they deny the claim? I've only once had to claim on travel insurance. Wife suffered a retinal tear in Jamaica a few years ago, requiring laser treatment to fix. The NatWest insurance could not have been better. Claim settled in full & money in my account before I'd even had to pay the card bill. G/f has one of those kind of accounts, which included travel insurance. She got run over by a car in Thailand, and the Natwest travel insurance refused to pay the hospital bill - the hospital told her that they are one of the worst travel insurers for paying.
GT03ROB said:
davek_964 said:
The other issue with the premier accounts is whether those benefits are actually decent quality.
G/f has one of those kind of accounts, which included travel insurance. She got run over by a car in Thailand, and the Natwest travel insurance refused to pay the hospital bill - the hospital told her that they are one of the worst travel insurers for paying.
On what basis did they deny the claim? I've only once had to claim on travel insurance. Wife suffered a retinal tear in Jamaica a few years ago, requiring laser treatment to fix. The NatWest insurance could not have been better. Claim settled in full & money in my account before I'd even had to pay the card bill. G/f has one of those kind of accounts, which included travel insurance. She got run over by a car in Thailand, and the Natwest travel insurance refused to pay the hospital bill - the hospital told her that they are one of the worst travel insurers for paying.
When she spoke to them again, they claimed two things :
- Her story had changed
- Her injuries (broken leg, shattered ankle, stitches in her face, grazing to her back / side) - were not consistent with being hit by a car
davek_964 said:
Her injuries (broken leg, shattered ankle, stitches in her face, grazing to her back / side) - were not consistent with being hit by a car
Seems pretty consistent with being hit by a car to me. Did she resolve it with them in the end??The only minor problem we had with them in the end was they were getting difficult about letting us fly back. Saying we should stay longer despite everything being fine!
GT03ROB said:
davek_964 said:
Her injuries (broken leg, shattered ankle, stitches in her face, grazing to her back / side) - were not consistent with being hit by a car
Seems pretty consistent with being hit by a car to me. Did she resolve it with them in the end??The only minor problem we had with them in the end was they were getting difficult about letting us fly back. Saying we should stay longer despite everything being fine!
The ridiculous thing is, ankles take a long time to heal. So despite them refusing to pay, she's only just stopped wearing an air-boot thing all day (4 months after the accident), still has pain when walking, still can't drive, and still can't work. It's likely to be at least another 2 months before any of that changes, despite the insurance company saying "Nah, you didn't get hit by a car".
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